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REC Limited Organises 54th AGM and Commits to Raise Green Loan By 2030

The CMD informed that they’ve sanctioned more than INR 85,700 crore during the first year itself.

September 07, 2023. By EI News Network

Chairman & Managing Director Vivek Kumar Dewangan presided over the meeting and All of the Directors on the Board of the Company were present. A large number of shareholders participated in the meeting via video conferencing.

Speaking at the meeting, the CMD stated, “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.”

The CMD further informed that they’ve sanctioned more than INR 85,700 crore during the first year itself. These investments will be further earmarked in various projects in segments including Metro, Ports, Airports, Oil Refineries, Highways, Steel Infra to Healthcare, Educational Institutions, IT Infra/ Fiber Optics, etc., comprising about 32 percent of overall sanctions of the Company, in the previous fiscal year.

Shri Dewangan further added, In August 2022, the Company distributed bonus shares to shareholders in a 1:3 ratio, issuing 65,83,06,000 new fully paid-up equity shares of 10/- each. As a result, the total number of equity shares that were issued and paid rose to INR 2,633.22 crore, or INR 10 per share. REC ranks among the highest dividend-paying businesses in its sector in terms of dividends.

Moreover, the Board asked shareholders to approve a final dividend of INR 4.35 per share for FY23 at this AGM, and the shareholders did. This is in addition to the already-paid first interim dividend of INR 5 per share and the second interim dividend of INR 3.25 per share. With the proposed final dividend included, the total payout for the FY23 is INR 12.60 per share. INR 3,318 Crore is the total dividend payout for FY23, which comprises the recommended final dividend.

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Chairman and Managing Director

Vivek Kumar Dewangan

Wind solar hybrid project

E-mobility projects

Green hydrogen projects

Green ammonia

Round-The-Clock