Record date of REC for issue of bonus shares next week. Key things to know

“The Board of Directors has recommended the issue of Bonus Shares in the ratio of 1:3 to the shareholders of the Company, i.e. one (1) Bonus Equity Shares 10- for each of three (3) existing equity shares each fully paid-up 10- Payment in full to each of the eligible members, subject to the approval of the shareholders through postal ballot, ” rec informed in an exchange filing.

Further, the company has fixed Thursday, August 18, 2022 as the record date for ascertaining the eligibility of shareholders for bonus shares. bonus share Fully paid-up shares are additional shares issued by a company to its existing shareholders.

Earlier this week, the company said it has received shareholders’ approval for a proposal to issue 65.83 crore bonus shares, using capital reserves. 658.3 crores.

The company said in an exchange filing that “the two resolutions set out in the company’s postal ballot notice dated July 8, 2022 have been approved by the shareholders with the requisite majority.” The resolution was to approve the appointment of Vivek Kumar Devangan. To redeem reserves and issue bonus shares to its Chairman and Managing Director and shareholders of the Company.

REC Limited is a Navratna Company under the administrative control of Ministry of Power. It finances its business with market borrowings of various maturities, which include bonds and term loans, in addition to foreign borrowings. Shares of REC are up more than a percentage point so far in 2022 (YTD), while the stock is down more than 6% in a one-year period.

REC’s consolidated net profit for the first quarter of FY 2013 came in at 2,454 crore as compared to 2,268.6 in the same quarter last year. Its total income, however, fell 9,506 crore in the quarter under review, from 9,555 crore in the year-ago quarter.

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