Bajaj Auto Ltd.'s board of directors approved on Tuesday the reappointment of Rajivnayan Rahulkumar Bajaj as the managing director and chief executive officer of the company.
Bajaj will serve as the managing director and CEO of the company for a term of five years, effective from April 1, according to an exchange filing on Tuesday.
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Bajaj began his journey in 1990 and contributed to multiple domains, including manufacturing and supply chain, research and development, and engineering. He took over as the managing director of the firm from April 2005.
At a meeting, the board also reappointed Abhinav Bindra as the non-executive independent director of the company.
Following the reappointment, Bajaj Auto approved an additional infusion of funds worth Rs 1,500 crore in wholly owned subsidiary Bajaj Auto Credit Ltd. The approved funds will be invested in the next financial year in one or more tranches, it said.
Bajaj Auto Credit plans to significantly increase its assets under management in the next fiscal after completing its nationwide expansion in phases during 2024–25. To meet regulatory requirements and maintain enough capital, the company needs to raise extra funds through tier-1 and tier-2 capital to support this growth, according to the filing.
Bajaj Auto's standalone net profit rose 3% year-on-year to Rs 2,108.73 crore in the third quarter, while revenue increased 5.7% to Rs 12,806.85 crore.
Shares of Bajaj Auto closed 1.7% higher at Rs 7,613.40 apiece on the National Stock Exchange, compared to a 1.45% rise in the benchmark Nifty. The stock has fallen 10.66% in the last 12 months.
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