This is to inform you that the Board of Directors of ICRA Analytics Limited a material subsidiary of the Company (ICRA Analytics) has recommended a dividend of Rs. 27 per equity share of the face value of Rs. 10 each. The total recommended dividend works out to Rs. 26.87 crore.This disclosure is being made pursuant to the disclosure policy of the Company under the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015.