The entire shareholding of 50,000 equity shares in each of the following subsidiaries, along with all associated assets and liabilities, was transferred to the successful bidders selected through a tariff-based competitive bidding process on October 12, 2026:
- Jam Khambhaliya Jamnagar Power Transmission Limited was sold to Ceigall India Limited for a total consideration of ₹8,39,86,174/- (including taxes). This amount is inclusive of professional fees and reimbursement of expenses.
- Lakadia II Power Transmission Limited was sold to Power Grid Corporation of India Limited for a total consideration of ₹8,42,62,593/- (including taxes). This amount is inclusive of professional fees and reimbursement of expenses.
With effect from October 12, 2026, these entities ceased to be subsidiaries of RECPDCL and, consequently, REC Limited.
Key Transaction Details:
- Turnover/Net Worth Contribution: The contribution of these subsidiaries to REC Limited's turnover or net worth during the last financial year was negligible.
- Agreement Date: The Share Purchase Agreements (SPAs) for both transactions were executed on October 12, 2026.
- Completion Date: The sale was completed on October 12, 2026.
- Buyer Details: The successful bidders, Ceigall India Limited and Power Grid Corporation of India Limited, do not belong to the Promoter and Promoter group of REC Limited.
- Related Party Transaction: The transaction does not fall within the purview of a related party transaction.
- Nature of Sale: The sale is not in the nature of a slump sale. The consideration for both sales was determined in accordance with guidelines issued by the Ministry of Power, Government of India.
The disclosure was signed by Dinesh Garg, Company Secretary & Compliance Officer of REC Limited.