Dividend Recommendation

The Board of Directors at its meeting held on May 15, 2026 recommended a dividend of ₹10.00 per equity share (500%) on shares of face value ₹2.00 each for the financial year ended March 31, 2026. This dividend is subject to approval by shareholders at the 42nd Annual General Meeting scheduled for August 18, 2026. If approved, the dividend will be paid on or before September 17, 2026.

Record Date

The record date for determining shareholder entitlement to the dividend has been fixed as Tuesday, August 11, 2026.

TDS Implementation

Under the Income Tax Act, 2025 effective from April 1, 2026, the company is required to deduct tax at source from dividends paid to shareholders at prescribed rates (plus applicable surcharge and cess).

Resident Shareholders TDS Rates

  • Default Rate: 10% with valid PAN updated with DP/RTA
  • Higher Rate: 20% for no PAN/valid PAN not updated
  • Exemption: No TDS for resident individual shareholders if total dividend during FY 2026-27 does not exceed ₹10,000
  • PAN-Aadhaar Linking: 20% rate applies if PAN not linked with Aadhaar

Documents Required for Lower/Nil TDS

The communication specifies detailed documentation requirements for various shareholder categories including:

  • Form No. 121 for resident individuals with dividend income above ₹10,000
  • Self-declarations for exempt entities (Insurance companies, LIC, GIC, Business Trusts, etc.)
  • Documentation for entities covered under Section 393(5) including Government, RBI, Mutual Funds
  • Documentation for Category I and II Alternative Investment Funds

Non-Resident Shareholders TDS Rates

  • FPIs/FIIs: 20% (plus surcharge and cess) or tax treaty rate, whichever beneficial
  • Category III AIF in IFSC: 10% (plus surcharge and cess)
  • Other Non-residents: 20% (plus surcharge and cess) or tax treaty rate
  • Notified Jurisdictional Area residents: 30%
  • Sovereign Wealth Funds/Pension Funds: NIL with proper documentation
  • ADIA Subsidiary: NIL with proper declaration

Documentation Deadline

All documents including Form 121, TRC, Form 41, and self-attested declarations must be uploaded by Monday, August 3, 2026 at https://web.in.mpms.mufg.com/formsreg/submission-of-Form-121-41.html. Communications received after this date will not be considered.

Shareholder Information Update Requirement

Shareholders are requested to update their:

  • Permanent Account Number (PAN)
  • Residential Status
  • Category of Shareholder
  • Email ID and address with PIN Code (including Country)
  • Mobile Number
  • Bank Account details
  • Choice of Nomination

Company Credentials for Tax Purposes

  • PAN: AABCR1742E
  • TAN: AHMR01411E

Additional Provisions

  • Clearing members must ensure no shares remain in their accounts on record date
  • Shareholders holding shares under multiple accounts with different status categories under single PAN will be taxed at the highest applicable rate
  • The company reserves the right to reject incomplete documents and deduct tax at higher rates
  • TDS certificates will be emailed to registered email IDs post dividend payment

Annexures Provided

The communication includes 8 annexures with declaration forms for various shareholder categories including Form 121, resident shareholder declarations, non-resident declarations, and specific forms for sovereign wealth funds, pension funds, and ADIA subsidiaries.