In a significant development, the Board of Directors of REC Limited convened on February 6, 2025, to review and approve the integrated unaudited financial results for the quarter and period ending December 31, 2024. These results, both standalone and consolidated, underwent thorough evaluation by the Audit Committee and were subsequently approved by the board. The financial results were subject to a Limited Review by the company's statutory auditors, Mis. Kailash Chand Jain & Co. and Mis. SCV & Co. LLP. The details can be found in the attached Annexure-1.

Additionally, the Board approved Special Purpose Financial Statements, also for the period ending December 31, 2024, aimed at updating the Global Medium Term Note (GMTN) programme for REC and its holding company. These statements, which have also been reviewed by the statutory auditors, are included as Annexure-2.

In a move to enhance shareholder returns, REC Limited declared a third interim dividend of ₹4.30 per equity share for the financial year 2024-25. The record date for this dividend is set for February 14, 2025, with payments expected to be dispatched no later than March 6, 2025. Shareholders are advised that dividend income is taxable, and the company will deduct tax at source (TDS) according to the Income Tax Act, 1961. Shareholders wishing to apply for lower TDS rates must submit required documentation by February 14, 2025.

Finally, the Board sanctioned the formation of a joint venture between REC Power Development and Consultancy Limited, a wholly-owned subsidiary of REC, and Mahagenco Renewable Energy Limited. The partnership, which will see a 50:50 shareholding ratio, aims to focus on the joint development of renewable energy and other power projects, subject to necessary approvals from relevant statutory and administrative authorities.

The Board meeting commenced at 10:30 a.m. and concluded at an undisclosed time.