REC rewards shareholders with Final Div. of Rs. 4.35 at 54th AGM
REC has also signed MOUs for Foreign currency loan worth $ 100 M from Exim Bank and raised $ 1.5 Billion syndicated term loans last month
Gurugram: The 54th Annual General Meeting (AGM) of the REC Limited was held on Wednesday through Hybrid Conferencing mode.
Mr. Vivek Kumar Dewangan, Chairman & Managing Director chaired the meeting and was attended by all the Directors on the Board of the Company.
Many shareholders were present at the meeting through Video Conferencing. The requisite quorum being present, the Chairman & Managing Director called the Meeting to order according to the company Press Note.
Mr. Dewangan 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 ₹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.”
“While posing faith in REC, Ministry of Power has also allowed our Company to lend to non-power infrastructure & logistics sector to contribute to the accelerated development of our nation and I ecstatically report that during the first year itself, we have sanctioned more than ₹85,700 crore towards various projects spanning from 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% of overall sanctions of the Company, in the last financial year,” he added.
Regarding bond issue and dividend, Mr. 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 ₹10/- each. This increased the issued and paid-up share capital to ₹2,633.22 Crore, comprising 2,63,32,24,000 equity shares of ₹10/- each. In terms of dividends, REC is among the highest dividend-paying companies in its category. During FY23, the Board proposed a final dividend of ₹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 ₹5 per share and 2nd Interim Dividend of ₹3.25 per share which has already been paid. The total dividend for the FY23, including the proposed final dividend, is ₹12.60 per share. The total dividend pay-out for FY23, including the proposed final dividend, is ₹3,318 Crore.”
Pursuant to Regulation 44 of SEBI for the Companies (Management and Administration) Rules 2014, REC had offered remote e-voting facility to its members to exercise their right to vote by electronic means from Sunday, September 3, 2023 to Tuesday, September 5, 2023 upto 1700 hours.
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