In an exchange filing on Thursday, Bajaj Finance said that Rajeev Jain has been elevated to the post of Vice Chairman for a three-year period, starting April 1, 2025.
Anup Kumar Saha, who has been serving as Deputy Managing Director, will be the new MD for a three-year period, Bajaj Finance said.
In an interaction with CNBC-TV18 earlier in the week, Bajaj Finserv’s Chairman and Managing Director, Sanjeev Bajaj had said that Rajeev Jain remains very committed to the business and his role will be determined by the board in a couple of days when the board meeting takes place.
Rajeev Jain had joined Bajaj Finance as CEO in 2007 and became its Managing Director in 2015. He was reappointed as Managing Director again in March 2020 for a period of five years.
During its December quarter earnings call, Jain had mentioned that he hopes to remain actively involved in shaping the strategies of the company and its subsidiaries.
“This is how I would look at the future role, subject to how the board decides,” Jain had said during the earnings call on January 29 this year.
In a scenario analysis post the Sanjiv Bajaj interaction with CNBC-TV18, brokerage firm Morgan Stanley had mentioned that in case Rajeev Jain remains in a role within Bajaj Finance itself, it sees a further 5% to 10% upside for the stock.
Morgan Stanley remains overweight on Bajaj Finance with a price target of ₹9,300.
Shares of Bajaj Finance ended 0.6% lower on Thursday at ₹8,680. The stock is up 25% so far in 2025, making it the best performing stock on the Nifty 50 index so far in 2025.
