PFC Sets Record with Highest-ever Interim Dividend of Rs. 2,033 Crores to Indian Government
PFC Delivers Record Interim Dividend of Rs. 2,033 Crores to the Indian Government
Power Finance Corporation Ltd. (PFC), distinguished as a Maharatna Central Public Sector Enterprise and India's premier Non-Banking Financial Company in the power sector, has remitted a sum of Rs. 554 crores to the Government of India, marking it as the third Interim Dividend for the financial year 2023-24. This payment is in addition to the first and second interim dividends of Rs. 832 crores and Rs. 647 crores respectively, already disbursed to the Government, aggregating to an unprecedented interim dividend total of Rs. 2,033 crores for the current fiscal.
The ceremonial handover of the Real Time Gross Settlement (RTGS) intimation advice was made to the Union Minister for Power and New & Renewable Energy, R.K. Singh, and the Secretary, Ministry of Power, Pankaj Agarwal, by the Chairperson and Managing Director (CMD) of PFC, Parminder Chopra, in a significant event held in New Delhi on the 3rd of April, 2024. Also in attendance were Rajiv Ranjan Jha, Director (Projects) of PFC, and Manoj Sharma, Director (Commercial) of PFC.
The PFC Board of Directors, in its meeting on the 11th of March, 2024, approved the third interim dividend at the rate of 30%, equating to Rs. 3 per equity share with a face value of Rs. 10 each.
This brings the cumulative interim dividends dispensed by PFC for the fiscal year 2023-24 to Rs. 3,630 crores, translating to 110% or Rs. 11 per equity share of the face value of Rs. 10 each, marking the highest ever interim dividend payout by the corporation.