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 special purpose vehicles (SPVs) by its wholly-owned subsidiary REC Power Development and Consultancy Limited (RECPDCL).
The transaction involved the transfer of RECPDCL's entire shareholding of 50,000 equity shares in each of the following subsidiaries, along with all assets and liabilities, to successful bidders selected through a tariff-based competitive bidding process:
Barmer HVDC Power Transmission Limited Sale Details:
- Buyer: Power Grid Corporation of India Limited
- Transaction Date: September 23, 2026
- Consideration: ₹18,97,52,835 (including taxes, professional fees, and reimbursement of expenses)
- Nature of Transaction: Not a slump sale
- Related Party Status: Buyer does not belong to promoter/promoter group
- Regulatory Framework: Transaction determined in accordance with Guidelines issued by the Ministry of Power, Government of India
Sakoli Power Transmission Limited Sale Details:
- Buyer: Ashoka Buildcon Limited
- Transaction Date: September 23, 2026
- Consideration: ₹5,84,508 (including taxes, professional fees, and reimbursement of expenses)
- Nature of Transaction: Not a slump sale
- Related Party Status: Buyer does not belong to promoter/promoter group
- Regulatory Framework: Transaction determined in accordance with Guidelines issued by the Ministry of Power, Government of India
Financial Impact:
Both subsidiaries contributed negligible turnover/revenue/income and net worth to REC Limited during the last financial year. The transactions do not fall within the purview of related party transactions and were conducted at arm's length.
Effective Date:
With effect from September 23, 2026, both Barmer HVDC Power Transmission Limited and Sakoli Power Transmission Limited ceased to be subsidiaries of RECPDCL and REC Limited.
The disclosure was signed by Dinesh Garg, Company Secretary & Compliance Officer of REC Limited, and includes Annexure-I with additional requisite details.