REC pays Rs 64.91 crore as final dividend for 2011-12 to government

NEW DELHI: Rajeev Sharma, CMD, REC Ltd, a navratna public sector undertaking presented a cheque of Rs 164.91 crore towards final dividend for the financial year 2011-12, for shareholding of Government of India in REC to M Veerappa Moily, Union Minister of Power and Corporate Affairs on October 4, 2012 in presence of P Uma Shankar, Secretary (Power) and senior officials of Ministry of Power and REC.

This is in addition to Rs.329.80 crore paid as interim dividend for the financial year 2011-12 to the Government of India.

The Company paid a total dividend of 75% (i.e. Rs.7.50/- per equity share) on the paid-up capital of the company. This includes 50% Interim (Rs.493.73 Crore) and 25% Final Dividend (Rs.246.86 Crore) to its shareholders for the Financial Year 2011-12.

The Company registered record performance for the Financial Year ended March 31, 2012 in key areas of disbursements of loans, recoveries, operating income and profits and continues to register higher growth in the current Financial Year also.

During the first quarter ended June 30, 2012, the company sanctioned new projects of Rs.21,789 crore and disbursed Rs. 6864 crore to various power sector borrowers. During the first quarter, the company recorded a PBT of Rs 1178.35 crore and PAT of Rs 876.73 crore registering a year-on-year growth @ 32%.