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Shares of REC Ltd started trading ex-dividend on Monday, ahead of the record date for its interim dividend of ₹5 per share for the financial year 2022-23 that it had announced last month along with its second quarter results of the current fiscal or Q2 FY23. REC shares rose more than a per cent to ₹100 apiece on the BSE in opening deals.
“The Board of Directors of REC Limited in its meeting held on October 27, 2022 inter-alia approved declaration of interim dividend @ ₹5 / – (Rupees Five only) per equity share on 10/ – each for the financial year 2022-23,” REC informed in the exchange filing. Further, the record date for the said interim dividend is Wednesday, November 9, 2022.
The said interim dividend shall be paid/ dispatched on Thursday, November 24, 2022 to those shareholders whose names appear as beneficial owners in the statement(s) furnished by the depository(ies) as on the close of business hours on Wednesday, November 9, 2022 in respect of shares held in electronic form; and as members in the register of members on Wednesday, November 9,2022 in respect of physical shares.
REC Limited, formerly Rural Electrification Corporation Limited, is a Navratna company under the administrative control of the Ministry of Power. It funds its business with market borrowings of various maturities, including bonds and term loans apart from foreign borrowings, on its own.
State-owned REC Ltd reported a marginal 1.5% rise in its consolidated net profit to ₹2,732 crore for the September quarter. Its consolidated net profit was ₹2,692 crore in the quarter ended September 30, 2021.
However, its total income slightly dipped to ₹9,964 crore in the quarter from ₹10,056.5 crore a year ago. The total expenses of the company declined to ₹6,527.7 crore in the quarter against ₹6,708.9 crore in the year-ago period.
The board had also approved the sale and transfer of 50,000 equity shares of a special purpose vehicle, Gadag II-A Transmission Ltd, held by REC Power Development and Consultancy Ltd to ReNew Transmission Ventures Pvt Ltd, the successful bidder selected through tariff based competitive bidding process.
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(This story has not been checked by Kashmir Bulletin and is auto-generated from other sources)
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