Financial Sector PSU Stock Recommends Rs 4.25/Share Final Dividend, Fixed Record Date

REC Ltd. recommended a dividend and fixed the record date for the Dividend. The Board of Directors of the company on Saturday, June 24, 2023, informed shareholders in an exchange filing. The Board recommends a Final Dividend of Rs. 4.35/share of Rs. 10 each For FY 2022-23. It fixed the record date for the said dividend on Friday, July 14, 2023.

REC is a Maharatna status Central Public Sector Enterprise (CPSE) under the Ministry of Power, Govt. of India. The company is involved in financing projects in the complete power sector value chain from generation to distribution. It is a Midcap PSU company having a market capitalisation of Rs. 41,078 crores.

Dividend & Record Date

The company in an exchange filing said, "Recommendation of Final Dividend of Rs. 4.35 (Rupees Four and Thirty Five Only) per equity share of Rs. 10/- each for the Financial Year 2022·23, subject to approval of the shareholders in the ensuing Annual General Meeting (AGM). This is in addition to the Interim Dividends of Rs. 8.25/- per equity share already declared and paid during the financial year 2022-23 in Two tranches, thereby making total dividend for the Financial Year 2022-23 to Rs. 12.60 per share, on the face value of Rs. 10/- each."

It added, "The aforesaid final Dividend for the Financial Year 2022-23 of Rs. 4.35 per share, if declared at the ensuing AGM, will be paid to the shareholders within 30 days from the date of declaration in ensuing AGM."

It further added, "In terms of Regulation 42 of SEBI (LOOR) Regulations, 2015, the Board of Directors has fixed Friday, July 14, 2023 as the 'Record date' for determining the eligibility of members for payment of final dividend for the financial year 2022·23. After approval of the shareholders in the ensuing AGM, the said final dividend shall be paid/dispatched 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 July 14, 2023 in respect of the shares held in electronic form, and (b) as members in the register of members on July 14, 2023 in respect of physical shares."

REC's Stock Overview

On BSE, the stock of REC last traded at Rs. 156.15 apiece, down 1.93% from its previous close of Rs. 159 apiece. On Friday, it hit an intraday high at Rs. 160.80 apiece and an intraday low at Rs. 155.55 apiece, respectively. Its 52 week high is Rs. 168.70 apiece and 52 week low is Rs. 86.06 apiece, respectively.

The stock has given decent returns over the past 3 months. It surged 2.36% in 1 week, 19.93% in 1 month and 32.95% in 3 months, respectively. It gave 78.02% positive return in 1 year, while it gave 85.15% positive return in 3 years. It gave 87.91% positive return in the past 5 years.

Disclaimer

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