Team News Riveting
New Delhi, June 24
The REC Limited (formerly Rural Electrification Corporation Limited) has recommended the payment of final dividend of Rs 4.35 per equity share of Rs 10 each for the financial year 2022-23.
The Maharatna company under the administrative control of the Ministry of Power said in a regulatory filing that the recommendation would be subject to approval of the shareholders in the ensuing Annual General Meeting (AGM). The dividend is in addition to the Interim Dividends of Rs 8.25 per equity share already declared and paid during the financial year 2022-23 in two traches, thereby making total dividends for the financial year 2022-23 to Rs 12.60 per share on the face value of Rs 10 each.
The company said the aforesaid final dividend for the financial year 2022-23 of Rs 4.35 per share, if declared at the ensuing AGM, will be paid to the shareholders within 30 days from the date of declaration in ensuing AGM.
REC Limited Board of Directors in its meeting held on Saturday approved a proposal to incorporate project specific purpose vehicle. The proposed SPV will be set up for the transmission system for evacuation of power from RE projects in Rajgarh 1000 SEZ in Madhya Pradesh and Inter-state transmission projects to be implemented through TBCB process.
