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Rural Electrification Corporation Ltd. Company History and Annual Growth Details

Our Company was incorporated on July 25, 1969 under the Companies Act as a private limited company under the name of 'Rural Electrification Corporation Private Limited' with the main objective of financing rural electrification schemes in the country. The word private was deleted from the name of our Company on June 3, 1970. Our Company became a deemed public limited company w.e.f. July 1, 1975. The RoC on July 18, 2003 issued a fresh certificate of incorporation consequent upon change of name on conversion to a public limited company and our name was changed to our present name, Rural Electrification
Corporation Limited. Major events

Our Company was declared a Public Financial Institution under section 4A of the Companies Act in 1992. We are also registered with the RBI as a NBFC w.e.f. February 10, 1998.

1969
Incorporation of our Company.

1970
Commenced lending operations to SEBs.

1974
Authorised by the Ministry of Irrigation and Power to finance rural electrification under the 'Minimum Needs Programme

1979
Central Institute of Rural Electrification set up in Hyderabad.

1980
Deputed engineers to Algeria to train the Algeria's National Agency for Distribution of Electricity and Gas on rural electrification.

1988
Launch of Kutir Jyoti and Jal Dhara programmes for rural electrification.

1990
Awarded the Indira Gandhi Memorial Award for Excellence in Public Sector Undertakings for the year 1989-1990.

1992
Declared a Public Financial Institution under section 4A of the Companies Act.

1993
Entered into MOU with the MoP for the first time to achieve certain performance related targets.

1994
Received rating of "excellent" and award by the GoI, for the first time, for fulfilling the targets pursuant to the MOU.

1998
Registered as a NBFC under section 45(IA) of the RBI Act.

1999
Received 'AAA' rating from CRISIL Limited in relation to our long term domestic borrowings.

2000
Declared to be among the top ten Public Sector Enterprises by the GoI.

2001
Capital Gains Tax Benefit under section 54 EC of the IT Act to bonds floated by our Company. Upgradatation from Schedule 'B' to Schedule 'A' Corporation.

2002
Grant of Mini Ratna- I status.

2003
Did not seek assistance from the budget for finances and became a fully self- reliant organisation.

2005
Profit before tax, crossed Rs. 10,000 million. Paid Rs. 2,345 million as dividend to the GoI.
Appointed as the nodal agency for RGGVY.

2006
Received rating of "excellent" for the year 2005-06 by the GoI for fulfilling the targets of the MOU.

2007
Received rating of "excellent" for the year 2006-07 by the GoI for fulfilling the targets of the MOU.


2008

-The initial public offer of Rural Electrification Corporation (REC), a state-run power sector lender, got subscribed 4.67 times at 11:00 IST on last day of its issue today, 22 February 2008. The price band for the IPO is Rs 90 to Rs 105. The book building process, which opened on February 19, is scheduled to close on February 22. The issue would constitute about 18.18% of the fully diluted post-issue capital of REC. It is looking to raise about Rs 16.40 billion through sale of 156 million equity shares in a price band of Rs 90-105 in the IPO.

2009

- Rural Electrification Corporation Ltd has appointed the following two firms of Chartered Accountants as the Joint Statutory Auditors of the Company for the Financial Year 2009-10:
1. Bansal & Co., New Delhi
2. K G Somani & Co., New Delhi

2010

- In order to fund a power project in North Chennai, Rural Electrification Corporation Ltd. (REC) has inked a Memorandum of Understanding (MoU) with NTPC Tamil Nadu Energy Company Ltd. (NTECL)

2011

- Rural Electrification Corporation Ltd has declared and approved an Interim Dividend at the rate of Rs.3.50 per share on the face value of fully paid-up equity shares of Rs.10/- each for the financial year 2010-11.

- Rs 1300 crore bids invited for laying transmission system in Andhra pradesh

2012

- Rural Electrification Corporation has sought the approval of Reserve Bank of India (RBI) for issuing bonds to raise up to USD 500 million

- Rural Electrification Corporation Ltd has appointed Shri Jyoti Shubhra Amitabh as a Company Secretary with effect from September 03, 2012 Shri Jyoti Shubhra Amitabh is holding 121 equity shares in the Company as on September 03, 2012.

2013

-Board recommends Final Dividend of Rs. 1.50/- per share

-REC awarded India Pride Award 2013-14

2014
-Board recommends Final Dividend of Rs. 1.75/- per share.
-REC awarded Dalal Street - PSU Award 2014
-REC awarded India Today - PSUs Awards 2014 for Best HR Practices
-REC Signs MoU with Ministry of Power for the Financial Year 2014-15

2015
-Rural Electrification Corp has has signed two separate agreements with Andhra Pradesh Power Generation Corporation Limited and Transmission Corporation of Andhra Pradesh Limited
-Rural Electrification Corporation Ltd - Incorporation of three Project Specific Special Purpose Vehicles (SPVs), as Subsidiary Companies of Rural Electrification Corporation Limited

2016
-Rural Electrification Corporation Ltd has approved the Bonus Equity Shares in the ratio of 1:1 (i.e. One Bonus equity share of Rs. 10/- each for every equity share of Rs. 10/- each) to the existing shareholders of the Company
-REC contributes Rs 25 crore towards "Swachh Bharat Kosh"

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