21 May 2019 | 9:29 PM


REC pays Rs 1143 cr interim dividend for FY19 to power minsitry
Published on 03-22-2019
State-owned REC Ltd on Friday said it has paid Rs 1143.34 crore as interim dividend for 2018-19 to the power ministry.

Ajeet Kumar Agarwal CMD & Director (Finance) of REC presented RTGS credit advice towards payment of interim dividend for the 2018-19 amounting to Rs 1143.34 crore on the shareholding of the central government in REC to R K Singh Minister of State for Power (Independent Charge) on Wednesday March 20 2019 a company statement said.

The Board of REC had declared interim dividend at the rate of Rs 11 per equity share representing 110 per cent of total paid up share capital of the company for 2018-19 according to the statement.

Further it said that during the nine months ended December 31 2018 the company sanctioned new projects of Rs 96357 crore and disbursed Rs 52269 crore to various power sector borrowers.

During the nine months period the company recorded a PBT (profit before tax) of Rs 6466.20 crore and PAT (net profit) of Rs 4507.59 crore thereby registering a y-o-y (year on year) growth of 31.93 per cent and 25.89 per cent respectively.

The REC is a non-banking finance firm and Infrastructure Finance Company (IFC) focusing on power sector. 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.