New Delhi: REC Limited held its 54th Annual General Meeting (AGM) on Wednesday through video conferencing. REC's Chairman & Managing Director (CMD) Vivek Kumar Dewangan chaired the meeting, which was attended by all directors on the board of the company. Many shareholders were present at the meeting through video conferencing.
Addressing the meeting, the CMD said, “REC is committed to increase its present loan portfolio of green projects to the extent of more than ten times by the year 2030 amounting to Rs 3 lakh crore. REC has been known for its rural electrification efforts; now it would be known for its renewable energy (RE) focused initiatives including solar, wind, hybrid and e-mobility projects, as well as new areas like green hydrogen, green ammonia projects, round the clock projects involving bundling of RE with thermal power and ethanol manufacturing.”
The CMD said that while reposing faith in REC, Ministry of Power has also allowed the company to lend to non-power infrastructure and logistics sectors to contribute to the accelerated development of the nation. “I ecstatically report that during the first year itself, we have sanctioned more than Rs 85,700 crore towards various projects spanning metro, ports, airports, oil refineries, highways, steel infra to healthcare, educational institutions and also in sectors of IT Infra/ Fiber Optics, etc. that constitute about 32 percent of overall sanctions of the company, in the last financial year.”
Regarding bond issue and dividend, Dewangan said, “In August 2022, the company issued bonus shares to shareholders in a 1:3 ratio, issuing 65,83,06,000 new fully paid-up equity shares of Rs 10/- each. This increased the issued and paid-up share capital to Rs 2,633.22 crore, comprising 2,63,32,24,000 equity shares of Rs 10/- each. In terms of dividends, REC is among the highest dividend-paying companies in its category. During FY'23, the board proposed a final dividend of Rs 4.35 per share for the approval of shareholders in this AGM and the same has been approved by the shareholders. This is in addition to the 1st Interim Dividend of Rs 5 per share and 2nd Interim Dividend of Rs 3.25 per share which has already been paid. The total dividend for the FY23, including the proposed final dividend, is Rs 12.60 per share. The total dividend pay-out for FY23, including the proposed final dividend, is Rs 3,318 Crore.”