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Rural Electrification Corporation Ltd share price today (on 3 June 2023).
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BSE: 532955 | NSE: RECLTD | ISIN: INE020B01018 Market Cap: [Rs.Cr.] 22,410 | Face Value: [Rs.] 10 Industry: Finance - Term-Lending InstitutionsRural Electrification Corporation Ltd is a Navratna Central Public Sector Enterprise under Ministry of Power. The company is engaged in the financing and promotion of transmission, distribution and generation projects throughout India. Their main objective is to finance and promote rural electrification projects all over the country. They provide financial assistance to State Electricity Boards, State Government Departments and Rural Electric Cooperatives for rural electrification projects as are sponsored by them. The company provides loan assistance to SEBs/ State Power Utilities for investments in rural electrification schemes through its Corporate Office located at New Delhi and 17 field units (Project Offices), which are located in most of the States.
The Project Offices in the States coordinate the programmes of REC's financing with the concerned SEBs/ State Power Utilities and facilitate in formulation of schemes, loan sanction and disbursement and implementation of schemes by the concerned SEBs/ State Power Utilities. The company assists their clients in formulating and implementing a broad array of power projects and finance those projects. Their clients primarily include Indian public sector power utilities at the central and state levels and private sector power utilities. Their primary financial product is project-based long-term loans. They fund their business with market borrowings of various maturities, including bonds and term loans. Rural Electrification Corporation Ltd was incorporated on July 25, 1969 at New Delhi as a private limited company with the name Rural Electrification Corporation Pvt Ltd. In the year 1970, the company commenced lending operations to SEBs. In the year 1979, they set up CIRE in Hyderabad. In the year 1988, the company launched Kutir Jyoti and Jal Dhara programmes for rural electrification.
In the year 1992, the company was declared a public financial institution. In the year 1993, the company entered into MoU with the MoP for the first time to achieve certain performance related targets. In February 1998, the company was registered as a Non Banking Financial Company. In the year 2002, the company was granted Mini Ratna - I Status. In September 27, 2002, the company was converted into a public limited company and the name was changed to Rural Electrification Corporation Ltd. From the year 2002, the company diversified into financing of Generation projects for creation of new generation capacity. In the year 2005, the company was appointed as the nodal agency for RGGVY. In the year 2006, the company entered into agreement with Japan International Cooperation Agency for availing a loan facility of JPY 20,629 million. Also, they entered into an agreement with KfW, Frankfurt am Main for availing a loan facility of Euro 70 million.
In the year 2007, the company entered into a syndicated facility agreement with Standard Chartered Bank and DEPFA Investment Bank for availing a loan facility of JPY 23,570 million. In January 2007, REC Transmission Projects Company Ltd, a subsidiary company was incorporated as a public limited company with the main object of REC TPCL is to promote, organize and carry on the business of consultancy services and/ or Project implementation in any field of activity relating to transmission & distribution of electricity in India or abroad. During the year 2007-08, the company made an Initial Public Offer and their shares were listed on the stock exchanges. In the Post-IPO scenario, the shareholding of the Government of India has reduced from 100% to 81.82%. The company entered into agreement with Japan International Cooperation Agency for availing a loan of JPY 20,902 million. In May 2008, the company was granted 'Navratna' status by the Department of Public Enterprise, GoI for their operational efficiency and financial strength, which affords greater operational freedom and autonomy in decision making.
During the year 2008-09, the company sanctioned 20 Nos of new generation / R&M loans and 3 Nos additional loan assistance with total financial outlay of Rs. 21525.31 crore, including consortium financing with other financial institutions. Also, they sanctioned a total of 317 system improvement schemes and bulk loan schemes involving a loan outlay of Rs. 14511.49 crore. They reported 188,743 electric irrigation pumpsets energized under REC financed schemes. Also, the company entered into agreement with KfW, Frankfurt am Main for availing a loan facility of Euro 70 million. During the year 2009-10, the company sanctioned 26 Nos of generation / R&M loans including 5 Nos additional loan assistance with total financial outlay of Rs. 24031.32 crore. Also, they sanctioned a total of 289 system improvement schemes and bulk loan schemes involving a loan outlay of Rs. 15421.64 crore. They reported 240,020 electric irrigation pumpsets energized under REC financed schemes.
Also, the company made the Further Public Offer (FPO) during the year and the shareholding of the Government of India in the company reduced to 66.80%. During the year 2010-11, the Company sanctioned 34 nos. of generation loans including additional loan assistance with total financial outlay of Rs. 40,101 crore, including consortium financing with other financial institutions. During the year, 11 nos. Renewable Energy projects including 6 nos. Solar projects were sanctioned with total project cost of Rs. 621.06 crore and loan assistance of Rs. 390.71 crore. In September 17, 2010, Reserve Bank of India (RBI) categorized the company as an Infrastructure Finance Company (IFC). In December 2010, the company's subsidiary REC Transmission Projects Company Ltd sold 50,000 shares held in Raichur Sholapur Transmission Company Ltd to consortium of Patel engineering Ltd, Simplex Infrastructure Ltd and BS TransComm Ltd for a consideration of Rs. 18.89 crore. In April 21, 2011, Vemagiri Transmission System Ltd (a wholly owned subsidiary of RECTPCL) was incorporated in respect of Transmission System associated with IPPs of Vemagiri Area: Package A. The company received India Pride Award 2010 for being adjudged 'The Best NBFC' and also Third DSIJ Award 2010-11 - 'Speed King' for fastest growing PSUs across Maharatnas, Navratnas & Miniratnas. The company also featured in Dun & Bradstreet's India's Top PSUs 2011.
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