REC board okays third interim dividend of Rs 4.5 per share

New Delhi: State-owned REC's board on Tuesday approved a third interim dividend of Rs 4.5 per share with face value of Rs 10 each for 2023-24.

Earlier, the company has already announced two interim dividends, totalling Rs 6.5 per share for the current fiscal.

A regulatory filing stated that the board, in its meeting held on Tuesday, approved the declaration of interim dividend at the rate of Rs 4.50 per equity share of Rs 10 each for the financial year 2023-24.

The record date for the interim dividend is Thursday, March 28, 2024, and it will be paid on or before April 17, 2024, to those shareholders.

The board also approved the sale and transfer of the entire shareholding of three wholly-owned subsidiaries, presently held by REC Power Development and Consultancy Ltd (RECPDCL), a wholly-owned subsidiary of REC to the successful bidders selected through a tariff-based competitive bidding process.

The three subsidiaries are Kallam Transco (sold to Indigrid 2 Limited and Indigrid 1 Limited- Consortium); Meerut Shamli Power Transmission (to Megha Engineering & Infrastructures) and Jalpura Khutja Power Transmission (to The Tata Power Company).

It also approved the incorporation of a wholly-owned subsidiary company of REC Limited for dealing in permissible activities as a Finance Company in the International Financial Service Centre (IFSC), Gujarat International Finance Tec-City (GIFT), Gandhinagar, Gujarat, subject to receipt of no-objection certificate from the Reserve Bank of India.

It also cleared a proposal to incorporate a project-specific special purpose vehicle as wholly-owned subsidiary of REC Power Development & Consultancy Ltd (a wholly-owned subsidiary of REC Ltd) for additional Transmission system for evacuation of power from Bhadla-III PS as part of Rajasthan REZ Phase-III scheme (20 GW) and to act as Bid Process Coordinator (BPC) for selection of Bidder as Transmission Service Provider (TSP), through tariff based competitive bidding process.