REC’s dividend decision to be taken in board meet next week

Market


REC Ltd’s board will meet next week on Monday, January 30, 2023 to consider and declare the proposal for interim dividend for the financial year 2022-23, if any along with announcing its earnings for the third quarter ended December 2022 (Q3FY23). Shares of REC were trading about 0.4% higher at 124 apiece on the BSE in Monday’s early deals.

“this is to inform that a meeting of the Board of Directors ofREC Limited will be held on Monday, January 30, 2023 inter-alia to consider and approve unaudited financial results (standalone & consolidated) of the Company for the quarter and nine months ended December 31, 2022 and to consider a proposal for declaration of 2nd interim dividend for the financial year 2022-23, if any,” the company informed in an exchange filing last week. 

It further informed that the trading window will remain closed from January I, 2023 to February I, 2023 and during the said period, all designated persons and their immediate relatives have been advised not to deal in REC’s equity shares/securities. Further, the trading window will open with effect from February 2,2023.

REC Limited is a Navratna company under the administrative control of the Ministry of Power. Under the Ministry of Power, REC (formerly known as Rural Electrification Corporation Limited), provides financial assistance to power sector projects across development, generation, transmission or distribution segments. It funds its business with market borrowings of various maturities, including bonds and term loans apart from foreign borrowings, on its own. REC shares have gained more than 28% in a year’s period.

In the past 12 months, REC Ltd. has declared an equity dividend amounting to 15.80 per share which results in a dividend yield of 12.73% at the current share price while adjusting for Bonus/Splits the dividend yield is 10.56%, as per data by Trendlyne.


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