REC shares trade ex-dividend on record date; stock rises

The company announced the “declaration of 2nd interim dividend @ ₹3.25 (Rupees Three and Twenty Five Paise only) per equity share ₹10/ – each for the financial year 2022-23 as approved by the Board of Directors of REC Limited in its meeting held on January 30, 2023.”

Further, “the record date for the said interim dividend is Thursday, February 9, 2023 and the said interim dividend shall be paid dispatched on Tuesday, February 28, 2023 to those shareholders whose names appear (a) as beneficial owners in the statement(s) furnished by the depository(ies) as on the close of business hours on Thursday, February 9, 2023 in respect of shares held in electronic form; and (b) as members in the register of members on Thursday, February 9, 2023 in respect of physical shares,” it added.

The state-owned infrastructure finance company reported a 5% rise in third quarter net profit at ₹2,915 crore whereas the total revenue from operations fell over 2% to ₹9,782 crore. The company, which mainly provides loans to state electricity boards, state utilities and all segments of power infrastructure in the private sector, said its interest income on loan assets grew nearly 1% to ₹9,660 crore.

REC Ltd is a leading infrastructure finance company with business activities involve financing projects in the complete power sector value chain, be it generation, transmission or distribution. The stock is up more than 16% in a year’s period.