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History of Rural Electrification Corporation Ltd.

Our Comp. 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 Comp. on June 3, 1970. Our Comp. 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 Comp. & our name was changed to our present name, Rural Electrification Corporation Limited. Major events

Our Comp. was declared a Public Financial Institution under section 4A of 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 Ministry of Irrigation & 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 & 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 Companies Act.

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

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

1998 Registered as a NBFC under section 45[IAs] of 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 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 year 2005-06 by the GoI for fulfilling the targets of MOU.

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

2008

-The initial public offer of Rural Electrification Corporation [RECs], 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 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 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.