Dividend Recommendation

The Board of Directors at their meeting held on Wednesday, May 20, 2026, recommended a final dividend of ₹1 per share (10%) on 9,76,48,345 equity shares of ₹10 each for the financial year 2025-26. This is subject to approval by members at the ensuing Annual General Meeting.

TDS Applicability

As per the Income Tax Act, 2025, dividend paid or distributed by a company is taxable at the hands of shareholders, and the company is required to deduct tax at source at applicable rates.

TDS Rates and Documentation Requirements

For Resident Shareholders:
  • Individuals with valid PAN: 10% TDS rate
  • No TDS if total dividend during tax year 2026-27 does not exceed ₹10,000
  • Or if shareholder provides online filed Form 121 (all fields mandatory)
  • Exemption certificate from Income Tax department accepted
  • Lower/NIL withholding certificate under section 395(1) accepted
  • Individuals without PAN/invalid PAN: 20% TDS rate
  • Non-Individuals: Nil rate with specific documentation requirements:
  • Insurance companies: Self-declaration qualifying as 'Insurer' under Insurance Act, 1938
  • Mutual Funds: Self-declaration of SEBI registration and exemption eligibility
  • Alternative Investment Funds: Self-declaration of exemption eligibility
  • NPS Trust: Self-declaration as NPS trust with exemption eligibility
For Non-Resident Shareholders:
  • Default Rate: 20% (plus applicable surcharge and cess)
  • DTAA Benefits: Available if more beneficial, requiring submission of:
  • Tax Residence Certificate (TRC) for tax year April 1, 2026 to March 31, 2027
  • Online filed Form 41 for treaty benefit claim
  • Self-declaration of treaty eligibility and beneficial ownership
  • SEBI registration certificate for FIIs/FPIs
  • PAN card copy
  • Special requirements for Singapore tax residents regarding Article 24

Submission Procedures

  • Documents must be uploaded on RTA portal at https://web.in.mpms.mufg.com/formsreg/submission-of-form-15g-15h.html
  • Deadline: Thursday, August 27, 2026 (05:00 PM IST)
  • Ambiguous, incomplete, or unsigned forms will not be considered
  • Physical submission of certain documents is required after online upload

Additional Provisions

  • Declaration under Rule 203 required if dividend income assessable in hands of person other than deductee
  • For multiple accounts under different status/category with single PAN, higher applicable tax rate will be applied to entire holding
  • PAN must be valid and linked with Aadhar where required
  • Dividend will be paid only through electronic mode
  • Shareholders must ensure bank account details are updated and KYC compliant

Financial Impact

TDS will be deducted from the dividend payment at the applicable rates based on shareholder category and documentation provided. The exact financial impact depends on individual shareholder circumstances and documentation submitted.