REC Limited filed a disclosure pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding the sale and transfer of two project-specific subsidiaries by its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL).
The entire shareholding of two subsidiaries, comprising 50,000 equity shares of each subsidiary held by RECPDCL, has been transferred along with all assets and liabilities to successful bidders selected through a tariff-based competitive bidding process. The transfer was completed on June 30, 2026, after receipt of necessary consideration.
Transaction Details:
WR ER Part A Power Transmission Limited:
- Sold to Power Grid Corporation of India Limited
- Consideration: ₹11,92,59,679 (including taxes), inclusive of professional fee and reimbursement of expenses
- Transaction completed on June 30, 2026
WR ER Part C Power Transmission Limited:
- Sold to H G Infra Engineering Limited
- Consideration: ₹18,61,68,233 (including taxes), inclusive of professional fee and reimbursement of expenses
- Transaction completed on June 30, 2026
Key Disclosures:
- Total consideration received: ₹30,54,27,912
- Both successful bidders do not belong to the Promoter or Promoter group of REC Limited
- The transaction does not fall within the purview of related party transactions
- Neither transaction constitutes a slump sale
- The consideration was determined in accordance with Guidelines issued by the Ministry of Power, Government of India
- The turnover/revenue contribution from these subsidiaries during the last financial year was negligible
Corporate Structure Impact:
With effect from June 30, 2026, WR ER Part A Power Transmission Limited and WR ER Part C Power Transmission Limited are no longer subsidiaries of RECPDCL and consequently not subsidiaries of REC Limited.
The disclosure was signed by Dinesh Garg, Company Secretary & Compliance Officer of REC Limited, on June 30, 2026.