REC Limited pays Rs.1,143.34 crore as Interim Dividend for FY 2018-19 to the Ministry of Power, Government of India
Shri Ajeet Kumar Agarwal, CMD & Director (Finance) of REC Limited, a Navratna Public Sector Undertaking under Ministry of Power (MoP), presented RTGS credit advice towards payment of Interim Dividend for the Financial Year 2018-19, amounting to Rs.1,143.34 crore on the shareholding of Government of India in REC to Shri R.K. Singh, Hon’ble Minister of State for Power (Independent Charge) on Wednesday, March 20, 2019, in the presence of Shri Ajay Bhalla, Secretary, and senior officials from Ministry of Power & REC.
The Board of Directors of REC had declared Interim Dividend @ Rs.11/- per equity share representing 110% of total paid up share capital of the Company for the financial year 2018-19.
Further, during the nine months ended December 31, 2018, the Company sanctioned new projects of Rs.96,357 crore and disbursed Rs.52,269 crore to various power sector borrowers. During the said period, the Company recorded a PBT of Rs.6,466.20 crore and PAT of Rs.4,507.59 crore, thereby registering a y-o-y growth of 31.93% and 25.89% respectively.
About the Company:
REC Limited (formerly Rural Electrification Corporation Limited) is a Navratna NBFC and Infrastructure Finance Company (IFC) focusing on Power Sector Financing and Development across India. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; different type of projects includes Generation, Transmission, Distribution Projects and Renewable Energy projects.