Nature of change: Appointment of Mr. Dinesh Khara (DIN: 06737041) as an Additional Director designated as Independent Director
Effective date and tenure: Appointment effective from 19th October, 2026 for a term of 5 years, subject to approval of shareholders
Profile and qualifications: Mr. Khara brings nearly four decades of banking and financial services experience. He served as Chairman of State Bank of India (SBI) from October 2020 to August 2024, joining SBI as a Probationary Officer in 1984. He held senior roles spanning corporate and international banking, treasury, risk, technology and compliance, and oversaw several of SBI's non-banking subsidiaries. He played a key role in merging SBI's five associate banks and Bharatiya Mahila Bank with SBI.
Educational qualifications: MBA from Faculty of Management Studies and Master of Commerce from University of Delhi. Fellow of the Indian Institute of Banking and Finance.
Current positions: Operating Advisor to Abu Dhabi Investment Authority, advising on investment opportunities, commercial due diligence and portfolio companies. Also serves as Independent Director on boards of several prominent companies.
Eligibility confirmation: Mr. Dinesh Khara is not debarred from holding the office of Director by virtue of any SEBI Order or any other such authority.
Relationship disclosure: None of the Directors of the Company are inter-se related to Mr. Dinesh Khara.
Approval process: Appointment approved by the Board of Directors at its meeting held on 19th October, 2026, based on recommendation of the Nomination & Remuneration Committee.
Strategic or Business Context
Company overview: Piramal Finance Limited is a retail-led upper-layer NBFC with pan-India presence. As on 30th September 2026, the company manages Assets Under Management (AUM) of over ₹1.10 lakh crore and has served over 6.5 million customers across 26 states.
Business model: Operates a distinctive phygital model combining high-touch engagement across 13,000+ pin codes with high-tech capabilities including machine learning models, agentic AI tools and realtime dashboards.
Credit ratings: Rated 'AA+' with 'Stable' Outlook by CRISIL, ICRA and CARE for domestic long-term debt, 'BB' by S&P Global internationally, and 'Ba2' with Positive outlook by Moody's.
Retail lending portfolio: Offers affordable housing loans, loan against property, gold loans, microfinance, used car loan, personal loans, insurance solutions, and small business credit across metro-adjacent, semi-urban, and rural markets.
Wholesale lending: Provides asset-backed, data-driven financing solutions across real estate and select non-real estate sectors, with focus on mid-income residential development and bespoke capital solutions for mid-market corporates.
Strategic alignment: Chairman Anand Piramal stated that Mr. Khara's commitment to responsible, inclusive finance strongly aligns with the company's purpose of expanding access to formal credit.
Any Other Material Information
Board meeting details: The meeting of the Board of Directors commenced at 2:00 p.m. and concluded at 3:25 p.m. on 19th October, 2026.
Regulatory compliance: Disclosure made under Regulations 30 and 51 of SEBI Listing Regulations, including required details as per SEBI Master Circular No. HO/49/14/14(7)2025-CFDPOD2/I/3762/2026 dated 30th January 2026.
Contact information: Bipin Singh as Company Secretary, with separate contacts provided for media queries (Mihir Mukherjee) and investor relations (Ravi Singh).
