State-owned REC pays Rs 1,143 cr interim dividend for FY19 to govt

State-owned REC Ltd on Friday said it has paid Rs 1,143.34 crore as interim dividend for 2018-19 to the power ministry

Press Trust of India March 22, 2019 13:57:23 IST
State-owned REC pays Rs 1,143 cr interim dividend for FY19 to govt
  • Ajeet Kumar Agarwal, CMD & Director (Finance) of REC presented RTGS credit advice towards payment of interim dividend for the 2018-19, amounting to Rs 1,143.34 cr

  • The Board of REC had declared interim dividend at the rate of Rs 11 per equity share representing 110 percent of total paid-up share capital of the company for 2018-19

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

New Delhi: State-owned REC Ltd on Friday said it has paid Rs 1,143.34 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 1,143.34 crore on the shareholding of the central government in REC to R K Singh, Minister of State for Power (Independent Charge) on Wednesday, 20 March, 2019, a company statement said.

Stateowned REC pays Rs 1143 cr interim dividend for FY19 to govt

Representational image. Reuters.

The Board of REC had declared interim dividend at the rate of Rs 11 per equity share representing 110 percent 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 31 December, 2018, the company sanctioned new projects of Rs 96,357 crore and disbursed Rs 52,269 crore to various power sector borrowers.

During the nine months period, the company recorded a PBT (profit before tax) of Rs 6,466.20 crore and PAT (net profit) of Rs 4,507.59 crore, thereby registering a y-o-y (year on year) growth of 31.93 percent and 25.89 per cent, respectively.

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

Updated Date:

also read

UFOs remain unexplained but are no evidence of aliens, says US govt report
World

UFOs remain unexplained but are no evidence of aliens, says US govt report

Former President Barack Obama said "What is true... is that there's footage and records of objects in the skies that we don't know exactly what they are."

Maharashtra govt making 'all possible effort' to give reservation to Maratha community, says Ajit Pawar
India

Maharashtra govt making 'all possible effort' to give reservation to Maratha community, says Ajit Pawar

Last month, the Supreme Court had struck down the state govt's law granting quota to Marathas in college admissions and public jobs, terming it 'unconstitutional'

Centre stopped 'big scam' by AAP govt, claims BJP over stalled ration delivery initiative in Delhi
India

Centre stopped 'big scam' by AAP govt, claims BJP over stalled ration delivery initiative in Delhi

In an online briefing, Chief Minister Arvind Kejriwal appealed to the Centre to allow the implementation of the state govt's scheme in 'national interest'