Monday 15th July 2024

REC Limited held 54th Annual General Meeting

Sep 6th, 2023 7:51 pm | By | Category: SPECIAL NEWS COVERAGE

Gurugram, 6 September 2023: The 54th Annual General Meeting (AGM) of the REC Limited was held today at 11:00 A.M. through Video Conferencing.

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 in order. The Chairman & Managing Director then delivered his speech.

He 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, 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 (Listing Obligations and Disclosure Requirements) Regulations 2015 and Section 108 of the Companies Act, 2013 read with Rule 20 of 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 (0900 hours) to Tuesday, September 5, 2023 (1700 hours).

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