REC LIMITED — Board/Management Information 2022

Sep 15, 2022

.. .

REC Limited I 3t'rlr fftla-s ('Iffi\ m<Irn' q;-r \3YPI) I (A Government of India Enterprise) Regd. Office: Core-4. SCOPE Complex, 7, Lodhi Road, New Delhi - 110003 Corporate Office: REC World Headquarters. Plot No. 1-4. Near IFFCO Chowk Metro Slation. 5eclor-29. Gurugram - 122001 (Haryana) Tel: +91 124 444 1300 I Website : www.recind la .co m CIN L401010L 1969GOI005095 I GST No.: 06AAACR4512R3Z 3

SEC-1I187(2)I202219Ih

Dated: September IS, 2022

~,
.1:<1'1(1em\il 3I'fqr ~fi:le>s
~ W't1fq> T~ em,~em ~\iI 'Qffi\iIT,
~_l{oo 0
Listing Department,	Corporate Relationship Department
National Stock Exchange ofIndia Limited	BSE Limited
Exchange Plaza, Bandra Kurla Complex,	I" Floor, Phiroze Jeejeebhoy Towers
Bandra East, Mumbai -400051.	ai - 400 001Dalal Street, Fort
RECL TDScri Code-	Scri Code-532955

Sub: Board approval for (i) incorporation of Spy as wholly owned subsidiary of RECPDCL and (ii) Sale and transfer of ER-NER Transmission Limited to MI s Power Grid Corporation of India Limited.

Dear Sir(s),

In pursuance of Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, this is to inform that the Board of Directors of the Company in its meeting held on September 15, 2022 inter-alia approved the following proposals:-

I. Incorporation of a project-specific special purpose vehicle (SPV), as wholly owned subsidiary of REC Power Development & Consultancy Limited (RECPDCL), for the transmission project i.e. Construction of Meerut (765) - Shamli 400 kV DIC line.

The proposed Company will also be subsidiary Company of REC Limited, in terms of the provisions of Section 2(87) of the Companies Act, 2013.

1. Sale and transfer of ER NER Transmission Limited held by RECPDCL to Mis Power Grid Corporation of India Limited, the successful bidder selected through Tariff Based Competitive Bidding process. The other details relating to said transaction are as under:-

Sl.No.	Particulars	Details
1.	The amount and percentageof the turnover or revenue orincomeandnetworthcontributed by such unit ordivision of the listed entityduring the last financial year.	Negligible.
2.	Date on which the agreementfor sale has been entered into.
3.	Theexpecteddatecompletion of salel disposal.	of The process for sale and transfer of the saidSPY to the successful bidder(s) is expected to
4.	Consideration received fromsuch salel disposal.	complete in the financial year 2022-23.

Regional Offices: Bengaluru. Bhopal, Bhubaneswar. Chennai. Dehradun. Guwahati. Hyderabad. Jaipur. Jammu. Kolkala, Lucknow. Mumbai. Panchkula. Patna. Raipur. Ranchi. Shimla. Thiruvananthapuram & Vijaywada State Offices Vadodara Training Centre REC Institute 01 Power Management & Training (RECIPMT). Hyderabad

5.	Brief details of buyer andwhether the buyers belong	SI.No.	Name of the SP Name of	Successful Bidder
	to the promoter/ promotergroup/group companies. Ifyes, details thereof.	1.	ERNERTransmissionLimited	PowerGridCorporation of IndiaLimited
		It is pertinent to mention that the successfulBidder mentioned above, does not belong toPromoter and Promoter group.
6.	Whetherthetransactionwould fall within relatedparty transactions? If yes,whether the same is done at"arm's length".	The transaction does not fall withinthepurview of related party transaction.
7.	Whether the transaction isin the nature of Slump Sale.	The proposal for sale and transfer of thewholly-owned subsidiary of RECPDCL andREC, to the successful bidder as per detailsgiven in Point no. 5 above, is not in the natureof slump sale.
			Ministry of Power, Government of India.	Further, the consideration for sale & transfer ofSPVs is determined in accordance with theGuidelines issued, from time to time, by the

यह आपकी जानकारी और प्रसार के लिए है। This is for your kind information and dissemination.

धन्यवाद,

$\mathcal{L}^{(n)}$

भवदीय,

(जे. एस. अमिताभ)कार्यकारी निदेशक और कंपनी सचिव