State-owned Power Grid Corporation on Friday said it has paid ₹1,629.62 crore as interim dividend for 2018-19 to the Centre.
Power Grid Corporation handed over the electronic payment remittance advice for the payment to the Government of India, a company statement said.
The total interim dividend disbursed was ₹3,050.02 crore for 2018-19 to about 5.91 lakh shareholders of the company, it added. The company has declared an interim dividend of ₹5.83 per equity share of ₹10 each for 2018-19.
Power Grid is an electricity transmission utility and has a wide network of 1,51,507 circuit km transmission lines, with 239 sub-stations and transformation capacity of 355,029 megavolt ampere.
State-owned REC Ltd said it has paid ₹1,143.34 crore as interim dividend for 2018-19 to the Power Ministry.
Ajeet Kumar Agarwal, CMD & Director (Finance) of REC, presented the RTGS credit advice towards payment of interim dividend to RK Singh, Minister of State for Power (Independent Charge), on Wednesday, a company statement said.
The Board of REC had declared interim dividend at the rate of ₹11 per equity share representing 110 per cent of total paid-up share capital of the company for 2018-19, according to the statement.
Further, it said that during the nine months ended December 31, 2018, the company sanctioned new projects of ₹96,357 crore and disbursed ₹52,269 crore to various power sector borrowers.
During the nine months period, the company recorded a PBT (profit before tax) of ₹6,466.20 crore and PAT (net profit) of ₹4,507.59 crore, thereby registering a y-o-y (year on year) growth of 31.93 per cent and 25.89 per cent, respectively.
The REC is a non-banking finance firm and infrastructure finance company (IFC) focusing on power sector. It provides financial assistance to state electricity boards, state governments, central/state power utilities, independent power producers, rural electric cooperatives and private sector utilities. Its business activities involve financing projects in the complete power sector value chain; different type of projects includes generation, transmission, distribution projects and renewable energy projects.