Kotak Mahindra Prime Appoints Suraj Rajappan as MD & CEO
Kotak Mahindra Prime Limited has given its approval for the appointment of Suraj Rajappan as the Managing Director and Chief Executive Officer for a three-year term starting on June 1, 2026, pending shareholder consent.
The resolution was reached during the meeting of the Board of Directors of the company on March 18, 2026. Suraj, who is currently serving as a Whole-time Director at the company, brings with him 24 years of diverse experience in various roles, having initiated his career with the organization.
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Kotak Mahindra Prime Limited has sanctioned the selection of Suraj Rajappan as the company's Managing Director and Chief Executive Officer for a three-year period, commencing on June 1, 2026, pending approval from shareholders. The resolution was approved during the corporate Board gathering convened on March 18, 2026.
Suraj is currently fulfilling the role of Whole-time Director at the organization, offering a wealth of experience spanning 24 years in various capacities after commencing his career with the company. The appointment has been announced due to the impending retirement of the current Managing Director and Chief Executive Officer, Shahrukh Todiwala, who will be retiring on May 31, 2026, following over three decades of service with the Kotak Group, according to the company's statement.
The company also verified that Suraj does not face any restrictions in serving as a Director according to orders from SEBI or any other regulatory body. Suraj Rajappan initiated his professional journey at KMPL, leveraging 24 years of diverse expertise within the organization.
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The company further noted that KMPL operates as a subsidiary under Kotak Mahindra Bank Limited.
Ashok Vaswani, the Managing Director and Chief Executive Officer of Kotak Mahindra Bank, expressed his enthusiasm for Suraj taking the lead, citing his extensive industry knowledge and strong ability to deliver results as key assets that will benefit KMPL in its upcoming period of expansion.
He further mentioned that Shahrukh Todiwala's departure results in a legacy characterized by careful expansion, stringent risk management, and an emphasis on customer satisfaction at Kotak Mahindra Prime. During the meeting, the Board sanctioned a raise in the company's total permissible amount of debt from Rs 43,000 crore to Rs 48,000 crore. This ceiling encompasses various forms of borrowings including bank loans, debentures, commercial paper, treasury operations, credit facilities, and external commercial borrowings.
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The organization stated that the release of information was done in compliance with Regulation 51(2) in conjunction with Part B of Schedule III of SEBI’s Listing Obligations and Disclosure Requirements Regulations, 2015.
Kotak Mahindra Prime Limited, a subsidiary of Kotak Mahindra Bank Limited, has been functioning as an automobile finance company in India since 1996. In 2018, the company diversified its offerings to include two-wheeler loans, and in 2021, it commenced providing Loan Against Property services.