REC pays 30 % dividend for 2007-08

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New Delhi, Oct 6 (UNI) Rural Electrification Corporation (REC) CMD P Uma Shankar has presented a dividend cheque of Rs 210.76 crore to Union Power Minister Sushilkumar Shinde for 2007-08.

The Corporation, after making necessary appropriations towards statutory reserves, paid a dividend of 30 per cent with a total dividend pay-out of Rs 257.59 crore against Rs 177 crore for 2006-07. Profit after tax rose by 30 per cent to Rs 860.15 crore from Rs 660.26 crore.

As a premier financial institution in the power sector, REC has recorded exponential growth over the years, sanctioning cumulatively Rs 1,79,526 crore and disbursing Rs 75,243 crore up to March 31, 2008.

Its net worth in 2007-08 stood at Rs 5367.71 crore with Earning Per Share of Rs 10.94.

The company has created a record on all key operational parameters sanctioning loans of Rs 46,770 crore from Rs 28,630 crore, excluding grants under RGGVY, up by 63 per cent.

The amount of disbursements rose by 19 per cent at Rs 16,304 crore and recoveries by 37 per cent to Rs 9,042 crore.

UNI SD SG RAI1448

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