(Photo: Ramesh Pathania/Mint)
(Photo: Ramesh Pathania/Mint)

REC board approves borrowing limit hike, 11 per share interim dividend

  • Board approved declaration and payment of interim dividend at 11 per equity share of 10 each for 2018-19
  • The board also approved modification in limits of the existing market borrowing programme under various debt segments

NEW DELHI : State-run REC's board Thursday decided to approve an interim dividend of 11 per equity share of 10 each and also increased its overall market borrowing limit to 85,000 crore from the earlier 60,000 for the current financial year.

Board approved declaration and payment of interim dividend at 11 per equity share of 10 each for 2018-19 in a meeting held on Thursday, a company statement said.

The interim dividend will be paid or dispatched on March 19 to those shareholders, according to the statement.

The board also approved modification in limits of the existing market borrowing programme under various debt segments for 2018-19 from 60,000 crore to 85,000 crore.

However, the board deferred proposal regarding market borrowing for 2019-20.

Besides, the board also approved the launch of Capital Gains Tax Exemption Bonds (Series XIII) under Section 54EC of the Income Tax Act, 1961, to raise 2,500 crore on a private placement basis with green shoe option to retain oversubscription.

The bonds are in the nature of secured debentures of face value 10,000 each. Further, the issue will open on April 1 this year and close on March 31, 2020, it added.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

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