REC Limited Pays Rs.1,053 Crore as Dividend for the FY2017-18 to the Ministry Of Power, GoI.
REC LIMITED (Formerly Rural Electrification Corporation Limited), a Navratna PSU under Ministry of Power (MoP), paid a total dividend of Rs.1,053 cr to GoI as their share of the holding in the company. The Company paid a total Dividend of Rs.1,807.05 crore (91.50% on the paid-up share capital) for the Financial Year 2017-18, which includes Interim Dividend of Rs.1,461.44 crore and Final Dividend of Rs.345.61 crore.
Dr. P V Ramesh, Chairman and Managing Director, REC, presented RTGS Intimation advice towards payment of Final Dividend for the Financial Year 2017-18, to Shri R.K. Singh, Hon’ble Minister of State for Power & Renewable Energy (Independent Charge) on Tuesday, October 16, 2018 in the presence of Shri Ajay Kumar Bhalla, Secretary and senior officials from MoP & REC.
During the Financial Year 2017-18, the Company sanctioned Financial Assistance of Rs.1,07,534 crore and disbursed an amount of Rs.61,712 crore to various power sector borrowers. Further, the Net worth of the Company as on March 31, 2018 increased by 6% to Rs.35,491 crore from Rs.33,326 crore in the previous year. During the quarter ended 30th June, 2018, the Company sanctioned Financial Assistance of Rs.18,767 crore and disbursed an amount of Rs.8,316 crore to various power sector borrowers. The Profit after Tax for the First quarter of financial year 2018-19 was Rs.1,469 crore.
About the Company:
REC LIMITED (Formerly Rural Electrification Corporation Limited)., a Navratna CPSE is one of the key players financing power sector in India and lends to the entire power sector value chain.