Mahindra & Mahindra Financial Services Limited has changed the director representing Life Insurance Corporation of India (LIC) on its Board, effective June 22, 2026. Mr. Ashwani Ghai has ceased to be a Non-Executive (Non-Independent) Director, following the nomination of a new representative by LIC. This transition ensures continued representation for LIC, which holds a significant stake in the non-banking financial company.

Board Composition Change

The Board appointed Mr. Krishna Kumar Sukumaran Nair as a Non-Executive (Non-Independent) Director representing LIC, effective June 23, 2026. This appointment was made on the recommendation of the Nomination and Remuneration Committee and is based on a nomination by LIC under Section 160 of the Companies Act 2013. The appointment is subject to the approval of the Members of the Company at the ensuing Annual General Meeting.

Consequently, Mr. Ashwani Ghai ceased to be a Director effective June 22, 2026. Mr. Ghai had been serving on the Board since June 23, 2023.

Incoming Director Profile

Mr. Krishna Kumar Sukumaran Nair is a seasoned financial services sector professional with over 36 years of managerial expertise. He superannuated from LIC on May 31, 2026, where he previously served as Executive Director – Corporate Governance and Chief Compliance Officer. His career includes leadership roles across regulatory compliance, ESG matters, information technology, and housing finance.

Shareholding Pattern

LIC holds 14,26,25,702 equity shares in the company. This constitutes 10.26% of the paid-up share capital of Mahindra & Mahindra Financial Services Limited as of March 31, 2026.

M&M Financial Services has declared a dividend of ₹7.50 per equity share, equivalent to 375% on a face value of ₹2 each, for the financial year ended March 31, 2026. The dividend, recommended by the Board of Directors, will be paid after the conclusion of the 36th Annual General Meeting (AGM) scheduled for July 21, 2026. The company has fixed Monday, July 13, 2026, as the record date to ascertain members eligible for the payout.

The AGM will be held on Tuesday, July 21, 2026, at 3:30 p.m. IST through Video Conferencing (VC) or Other Audio Visual Means (OAVM). Shareholders holding shares as on the cut-off date of July 13, 2026, will be entitled to vote through remote e-voting or during the AGM. The Notice of the AGM and the Integrated Annual Report for FY2026 will be dispatched via email to members with registered addresses.

To ensure appropriate Tax Deducted at Source (TDS) rates are applied for the dividend payment, members must submit the necessary documents by logging on to the KFinTech portal or via email on or before July 6, 2026. The company has also urged equity shareholders to claim any unclaimed dividends for FY2019 by August 27, 2026, to prevent transfer to the Investor Education and Protection Fund (IEPF).

Key AGM and Dividend Details

Physical security holders are required to complete their KYC in Form ISR-1 and submit it to KFin Technologies Limited, the company's Registrar to an Issue and Share Transfer Agent. Security holders who have not updated their folios with mandatory KYC details will only be eligible to receive payments through electronic mode upon updating these details.