Bajaj Auto’s board of directors approved on March 18 the re-appointment of Rajiv Bajaj as the managing director and chief executive officer of the company for another term staring from April 1, the automaker said in exchange filing.
Bajaj, who joined the company in 1990, has been the MD since April 2005.
The firm also approved the re-appointment of Abhinav Bindra as the non-executive independent director of the Company for a second term.
Separately, the two-wheeler maker announced a fund infusion of Rs 1,500 crore in its wholly owned subsidiary Bajaj Auto Credit Ltd in the form of equity capital, preference capital or subordinated debt, as may be determined in the due course, in one or more tranches, the stock filing said.
The Bajaj Auto arm has a turnover of Rs 16.65 crore as on March 31, 2024, and has a net worth of Rs 258.23 crore, according to the stock filing.
The company said the credit arm is expected to grow its assets under management in the next financial year and funds will be used in a phased manner in FY26. Currently, Bajaj Auto Credit Ltd has assets under management worth Rs 7,048 crore, the company statement said.
The shares of the company closed 1.86 percent higher at Rs 7,625 on NSE on Tuesday.
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