Rural Electrification Corporation (REC), a Navratna Public Sector Undertaking has paid to the Government the final dividend of Rs 1.13 billion for the Financial Year 2013-14, on its share capital held by the Government. A cheque of the amount was handed over to Piyush Goyal, minister of state for power, coal and new & renewable energy (Independent charge) by Rajeev Sharma, chairman and managing director of Rural Electrification Corporation (REC), in presence of director (Technical) and director (Finance) of the company here yesterday.

This is in addition to Rs 5.11 billion paid as interim dividend for the Financial Year 2013-14 to the government of India. The company paid a total dividend of Rs 9.38 billion (95% on the paid-up share capital) for the Financial Year 2013-14, which includes interim dividend of Rs 7.65 billion and final dividend Rs 1.72 billion.

The company registered record performance for the Financial Year ended Mar. 31, 2014 in key areas of disbursements of loans, recoveries, operating income and profits and continues to register higher growth in the current financial year also. During the First Quarter ended Jun. 30, 2014, the company sanctioned new projects of Rs 167.1 billion and disbursed Rs 84.65 billion to various power sector borrowers. During the first quarter of Financial Year 2014-15, the company recorded a PBT of Rs 17.75 billion and PAT of Rs 12.83 billion registering a y-o-y growth at 12% and 11% respectively.

Shares of the company gained Rs 2.9, or 1.01%, to settle at Rs 289.25. The total volume of shares traded was 177,717 at the BSE (Tuesday).