M&M Financial Services has announced a key senior management appointment, naming Mr. Baneswar Banerjee as Business Head – Automotive Loans. The appointment was approved by the Board of Directors on 31st March 2026, following a recommendation from the Nomination and Remuneration Committee.

Appointment Details

The new role will see Mr. Banerjee taking charge as a senior management personnel within the automotive loans division. His appointment is structured as a full-time employment position, effective from 9th April 2026.

Professional Background

Mr. Banerjee brings substantial expertise to his new role, with over 25 years of extensive experience in the automotive industry. His educational credentials include a postgraduate degree in Sales & Marketing from IIM Indore and a BE in Mechanical Engineering from the Bhilai Institute of Technology.

His career spans more than two decades with Mahindra & Mahindra Limited, where he has demonstrated leadership across multiple critical functions including sales, customer care, customer experience, product launches, strategic partnerships, and business development.

Key Achievements and Contributions

During his tenure with Mahindra, Mr. Banerjee has played a pivotal role in the company's automotive journey, contributing significantly to its emergence as the number two PV player and leader in UV revenue market share. His expertise extends to digital transformation initiatives, where he has driven innovation while successfully leading cross-functional teams to deliver on revenue, NVM, and operational objectives.

Notable Product Launches

Mr. Banerjee has spearheaded several successful product launches for Mahindra, demonstrating his capability in bringing new vehicles to market:

• BEV models (9E and 6E)
• Thar
• XUV700
• Scorpio N
• 3XO
• MAXX PUP
• Jeeto

Regulatory Compliance

The appointment has been made in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company has fulfilled all disclosure requirements for changes in senior management personnel and uploaded the relevant documentation on its official website at mahindrafinance.com under investor relations and regulatory filings.

M&M Financial Services has completed the transfer of 59,399 equity shares from its Employees' Stock Option Trust to eligible employees on March 27, 2026. The transfer represents the exercise of vested stock options by employees under the company's established employee incentive schemes.

Transfer Details and Schemes

The equity share transfer was executed under two employee benefit programs: the Mahindra Financial Services Limited Employees' Stock Option Scheme 2010 and the Mahindra & Mahindra Financial Services Limited Restricted Stock Units Plan 2023. The company formally notified both BSE Limited and the National Stock Exchange of India about this corporate action through an official communication signed by Company Secretary Brijbala Batwal.

Employee Allocation Breakdown

The share distribution among the five eligible employees shows significant variation in allocation sizes:

Raul Rebello received the largest allocation, accounting for approximately 74.6% of the total shares transferred, while the remaining four employees received smaller but substantial allocations.

Regulatory Compliance

The transfer was conducted in accordance with regulatory requirements, with the company providing detailed documentation to both major Indian stock exchanges. The formal intimation included comprehensive details of all eligible persons and their respective share allocations, ensuring full transparency in the ESOP exercise process. Company Secretary Brijbala Batwal digitally signed the notification, confirming the authenticity and official nature of the transaction.