REC pays government Rs 1,143 crore interim dividend for fiscal

REC had announced an interim dividend at Rs 11 per equity share, representing 110 percent of total paid up share capital of the company for 2018-19

Published on:

22 Mar 2019, 9:30 am

New Delhi: Government-owned Rural Electrification Corp Ltd (REC) on Friday said it has paid Rs 1,143.34 crore as interim dividend to the power ministry for this financial year. Towards the payment of interim dividend for the fiscal, Ajeet Kumar Agarwal, CMD & Director (Finance) of REC, put forth RTGS credit advice, amounting to Rs 1,143.34 crore on the shareholding of the government in REC to RK Singh, Minister of State for Power (Independent Charge) on Wednesday, March 20, a company statement said.

REC's board had announced an interim dividend at Rs 11 per equity share, representing 110 percent of total paid up share capital of the company for the financial year, the statement said.

REC sanctioned new projects of 96,357 crore

REC authorised new projects of Rs 96,357 crore and disbursed Rs 52,269 crore to several power sector borrowers during the nine months ending December 31, the company added. The company posted a PBT (profit before tax) of Rs 6,466.20 crore and PAT (net profit) of Rs 4,507.59 crore during the nine months period. This helped register a year on year (y-o-y) growth of 31.93 percent for PBT and 25.89 percent for PAT.

"REC posted a PBT (profit before tax) of Rs 6,466.20 crore and PAT (net profit) of Rs 4,507.59 crore during the nine months period"

REC Limited

REC Limited is a non-banking finance firm and Infrastructure Finance Company (IFC) focusing on the power sector. The company offers financial assistance to state independent power producers, governments, electricity boards, rural electric cooperatives central/state power utilities, and private sector utilities.

The company's business activities comprise financing projects in the power sector value chain. The different kinds of projects include distribution projects, renewable energy projects, generation, and transmission.