Shareholders of the state-owned REC have approved the plan to issue 65.83 crore bonus shares using Rs658.30 crore in capital reserves. According to a BSE filing, “…two resolutions as laid out in the Postal Ballot Notice of the Company dated July 8, 2022, have been passed by the shareholders with the required majority.” As per the postal ballot notification of the REC, the firm had planned to issue one new (bonus) share for every three existing shares held by shareholders.
In its meeting on June 30, 2022, the Board of Directors recommended the proposal for the issue of bonus shares to the company’s shareholders in the ratio of 1:3, or one new equity share of Rs10 per share for every three equity shares (s) of Rs10 per share held by the shareholders as of the record date, by the capitalization of a sum of Rs6,58,30,60,000 from the amount to the credit of the company’s “Securities Premium Account.”
Additionally, the appointment of Vivek Kumar Dewangan as the organization’s chairman and managing director has won shareholder approval. On May 13, 2022, the Appointments Committee of the Cabinet (ACC) announced Dewangan’s appointment as Chairman and Managing Director (CMD) of REC.
On May 17, 2022, Dewangan took over as REC CMD. He is a Manipur cadre IAS officer (1993 Batch). He graduated from NIT, Bhopal with a BE in electronics and from IIT, Delhi with a PG in optoelectronics and optical communication. He graduated from NIT, Bhopal with a BE in electronics and from IIT, Delhi with a PG in optoelectronics and optical communication.
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