REC Sells Musalgaon Power Transmission SPV

Date: September 9, 2026

REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, sold its entire shareholding in Musalgaon Power Transmission Limited, comprising 50,000 equity shares, to Maharashtra State Electricity Transmission Company Limited.
The transfer was effected on September 9, 2026, after receipt of necessary consideration and through a tariff-based competitive bidding process.
The sale includes all assets and liabilities of Musalgaon Power Transmission Limited.
With effect from September 9, 2026, Musalgaon Power Transmission Limited is no longer a subsidiary of RECPDCL or REC Limited.
The Share Purchase Agreement (SPA) was executed between RECPDCL and the successful bidder on September 9, 2026.
Total consideration received is ₹20,89,930, which includes acquisition price (inclusive of taxes), professional fee, and reimbursement of expenses.
The worth contributed by Musalgaon Power Transmission Limited during the last financial year was negligible.
The buyer, Maharashtra State Electricity Transmission Company Limited, does not belong to the promoter or promoter group of REC Limited.
The transaction is not a related party transaction and was conducted at arm's length.
The sale is not in the nature of a slump sale and was determined in accordance with guidelines issued by the Ministry of Power, Government of India.
The transaction does not fall under any scheme of arrangement and compliance with Regulation 37A of SEBI LODR Regulations is not applicable.

The intimation is made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Detailed information is provided in Annexure-I attached to the document.