Bajaj Finance's MD turns Highest-paid Executive in India by earning over 100 crore

By Team Startupcity  |  Wednesday, 03 July 2024, 10:49 IST

Bajaj Finance's MD turns Highest-paid Executive in India by earning over Rs.100 crore
Bajaj Finance's MD Rajeev Jain becomes highest-paid executive in India by earning over 100 crore  
The employee stock option plan (ESOP) helped Rajeev Jain, Bajaj Finance’s Managing Director to  earn more than 100 crore rupees in total compensation in FY24. 
His complete payment for the year has dramatically increased from last year’s remuneration, which remained at 49.25 crore. Equity shares distributed in accordance with the stock option plan accounted for 52.22 crore of the total compensation of 101.42 crore. 
That was far beyond 29.2 crore worth of offer based instalments during the year, as indicated by the organization’s most recent yearly report. Interestingly, as of today, the FY24 annual reports for Nifty companies, for which Rajeev Jain is the highest-paid & net-worth top executive in the industry.
The company gave the Managing Director 1, 37,980 stock options for the fiscal year 2024 at a grant price of 6,075.25, which was the closing market price on the NSE on the day before the grant. 
After one year from the grant’s date, these grants will become vested over a period of four years (at a rate of 25% annually). After they have vested, the options can be exercised for a period of five years. As per the yearly report, Bajaj Finance — the biggest NBFC in the nation — has no investment opportunity plans for any of its chiefs other than the chief executives and managing directors. 
Regarding this, Bajaj Finance stated in its annual report for FY24, “The performance pay/bonus of the MD is based on the performance of the Company and his contribution towards the same”. 
 

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