Date: July 14, 2026

Dividend Declaration or Non-Declaration

  • The Board of Directors, at their meeting held on Friday, May 29, 2026, recommended a Final Dividend of ₹6.70 per equity share (670% on face value of ₹1 each) for the financial year 2025-26.
  • The dividend is subject to approval by shareholders at the 69th Annual General Meeting (AGM) scheduled for Friday, August 07, 2026.
  • The record date fixed for dividend payment is Friday, July 10, 2026.
  • Dividend will be payable to members whose names appear in the Register of Members/list of Beneficial Owners as on the record date.

Tax Deduction at Source (TDS) Procedures

Pursuant to the Income-tax Act, 2025, dividend shall be taxable in the hands of shareholders, and the company is required to deduct tax at source.

For Resident Shareholders:

  • General rate: 10% for shareholders with a valid Permanent Account Number (PAN).
  • Higher rate: 20% if valid PAN is not furnished (as per Section 397(2) of the Act).
  • Nil rate applicable for specific categories upon submission of required documents:
  • Shareholders submitting Form 121 (replaces Forms 15G/15H)
  • Insurance Companies (with self-declaration, PAN, and IRDAI registration)
  • Corporations exempt from income-tax (with documentary evidence)
  • Mutual Funds (with self-declaration, PAN, and SEBI registration)
  • Category I or Category II Alternative Investment Funds (AIFs) (with self-declaration, PAN, and SEBI registration)
  • Category III AIFs are subject to 10% TDS

For Non-Resident Shareholders:

  • General rate: 20% (plus applicable surcharge and cess).
  • Lower Tax Treaty rate may be applied if lower than 20%, upon submission of:
  • Copy of PAN Card (if any)
  • Self-attested copy of valid Tax Residency Certificate (TRC)
  • Form No. 41 (erstwhile Form 10F) filed online
  • Self-declaration confirming beneficial ownership and eligibility for Treaty benefits
  • Portfolio Investors (FII/FPI) must submit similar documentation for Treaty rates.
  • Lower/NIL withholding tax certificate obtained from Income Tax authorities is also accepted.

Important Notes for All Shareholders:

  • For shareholders holding shares under multiple accounts with a single PAN, the higher applicable tax rate will be considered for the entire holding.
  • All required documents must be submitted via the portal https://web.in.mpms.mufg.com/formsreg/submission-of-Form-121-41.html on or before Thursday, July 23, 2026, by 11:59 PM (IST).
  • Registered shareholders (e.g., Broking firms) receiving dividend on behalf of clients must submit a declaration under rule 203 of Income-tax Rules, 2026, to transfer TDS credit to the actual beneficial owners.
  • TDS certificates will be sent to shareholders' registered email IDs post dividend payment.
  • TDS credit can be viewed in Form 168 (erstwhile Form 26AS) from the e-filing account.
  • No claims shall lie against the Company for taxes deducted at higher rates due to non-submission of documents; shareholders may file returns to claim refunds if eligible.

Annexures and Additional Information

The communication includes annexures with:

  • Format of Form 121 for declaration under section 393(6) for receipt of income without tax deduction
  • Draft letter for shareholder certification regarding dividend payment for FY 2026-27
  • Declaration format for exemption from TDS for Mutual Funds and AIFs

Other Operational / Legal / Strategic Disclosures

The document emphasizes that this communication is not tax advice and shareholders should consult tax professionals for their specific tax matters.