REC’s bonus shares issue proposal gets shareholders’ nod
2 years, 7 months ago

REC’s bonus shares issue proposal gets shareholders’ nod

Live Mint  

Public enterprise REC Limited, formerly Rural Electrification Corporation Limited, has received shareholders' approval for the proposal to issue 65.83 crore bonus shares, utilising capital reserves of ₹658.3 crore. The company in an exchange filing said that “two resolutions as set out in the Postal Ballot Notice dated July 8, 2022, of the Company have been approved by the shareholders with requisite majority.” The resolutions were the approval to appoint Vivek Kumar Dewangan as its Chairman and Managing Director and to capitalize the reserves and issue Bonus shares to the shareholders of the company. REC Ltd last month had announced that its board has recommended bonus shares issue in the ratio of 1:3 and also fixed the record date for the same. Further, the company has fixed record date for ascertaining entitlement of Thursday, August 18, 2022 eligibility of shareholders for bonus shares.

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