Within weeks of granting shares worth about Rs.11 lakh, Bank of America has given fresh shares worth over Rs.72 lakh to Mukesh Ambani as part of his annual fee for being a director of the U.S. banking major.
The Indian billionaire industrialist joined the Bank of America's board in March and his appointment was approved by the U.S. banking giant's shareholders last week.
Mr. Ambani has so far got shares worth about Rs.83 crore in two tranches and might get a total of over Rs.1 crore of annual compensation in cash and stocks, going by the bank's director, compensation policy.
However, the bank has not so far disclosed its specific director fees for Mr. Ambani, who heads one of India's biggest corporate houses Reliance Industries group (RIL) whose presence spans across energy, retail and telecom businesses and plans are under way for financial services sector entry.
In a filing with the U.S. regulator SEC, Bank of America said that it allotted 13,061 of its shares, worth about $160,000 (nearly Rs.72 lakh) on May 11 to Mr. Ambani.
Following this allotment, Mr. Ambani's total holding has risen to 14,896 Bank of America shares. — PTI