Indian Railway Finance Corporation Ltd. has appointed Dr. Ranjay Choudhary as Director (Finance) and Ms. Deepa Kotnis as Chief Financial Officer (CFO) effective June 30, 2026. The Board approved the appointments based on Ministry of Railways (MoR) order No. 2024/E(O)II/40/1 dated June 29, 2026. These leadership changes are critical for the financial management of the state-owned enterprise, which funds the rolling stock and infrastructure projects of Indian Railways.

Choudhary was co-opted as an Additional Director designated as Director (Finance) for a period of five years from the date of assumption of charge. He holds 50 shares in the company and is not related to any Director or Key Managerial Personnel. Prior to this, he served as Chief General Manager, Entity Appraisal, at Power Finance Corporation Ltd. (PFC), bringing over 29 years of experience in finance, loan appraisal, and treasury management.

Kotnis, an Indian Railway Accounts Service (IRAS) officer of the 1998 batch, was appointed as CFO and Key Managerial Personnel. She holds 1,000 equity shares in the company and was previously serving as Executive Director (Finance) at IRFC. She has over 27 years of experience in public finance, infrastructure funding, and pension sector regulation.

With the assumption of charge by the new appointees, Shri Randhir Sahay ceased to hold the additional charge of the post of Director (Finance) and the office of CFO with effect from June 30, 2026. The meeting commenced at 12:15 p.m. and concluded at 12:30 p.m.

Appointment Details

The President of India, acting through the Ministry of Railways, has sold 22,87,44,407 equity shares in Indian Railway Finance Corporation Limited via an Offer for Sale (OFS) on the BSE and NSE. The transaction, executed on June 24 and June 25, 2026, garnered a gross consideration of ₹2,083,74,09,747.64. This sale reduced the promoter's shareholding from 84.65% to 82.90%, representing a divestment of approximately 1.75% of the company's paid-up equity share capital.

The disclosure was submitted to the exchanges pursuant to Regulation 7(2)(b) of the SEBI (Prohibition of Insider Trading) Regulations, 2015. The sale was conducted through the stock exchange mechanism, with Rahul Kapoor, Executive Director-Finance of the Railway Board, signing off on the transaction details. The company intimated the exchanges regarding the change in promoter holding on June 30, 2026.

Transaction Details

The Offer for Sale was executed over two days, with non-retail investors bidding on June 24 and retail investors participating on June 25. The shares were sold on the BSE Limited and the National Stock Exchange of India Limited. The gross consideration value excludes taxes, brokerage, and other associated charges.

No trading in derivatives was reported by the promoter in relation to this transaction. The filing confirms that the securities disposed of were equity shares with ISIN INE053F01010.