REC LIMITED — Capital/Financing Update 2019

Oct 21, 2019

आर द्रे REC Limited (Formerly Rural Electrification Corporation Limited) (भारत सरकार का उद्यम) / (A Government of India Enterprise) Regd. Office: Core-4. SCOPE Complex. 7. Lodhi Road. New Delhi 110 003

Tel: +91-11-4309 1500 | Fax: +91-11-2436 0644 | Website: www.recindia.com

CIN : L40101DL1969GOI005095 | GST No. 07AAACR4512R1Z3

SEC-1/187(2)/2019/326

October 19, 2019

Listing Department,	Corporate Relationship Department
National Stock Exchange of India Limited	BSE Limited
Exchange Plaza, Bandra Kurla Complex,	1st Floor, Phiroze Jeejeebhoy Towers
Bandra (East),	Dalal Street, Fort,
Mumbai - 400 051.	Mumbai - 400 001.
Scrip Code-- RECLTD	Scrip Code-532955

Sub: Approval of Board of Directors for sale & transfer of subsidiaries of REC Transmission Projects Company Limited (RECTPCL) and REC Limited.

Dear Sir(s).

REC Transmission Projects Company Limited (RECTPCL) acts as the "Bid Process Coordinator" for selection of Transmission Service Provider(s), through Tariff Based Competitive Bidding (TBCB) process for independent inter-state and intra-state transmission projects allocated by the Ministry of Power, Government of India and State Governments from time to time. In order to initiate development of each of such independent transmission project allocated to it, RECTPCL incorporates project-specific Special Purpose Vehicle (SPV) as its wholly-owned subsidiary, which is also a wholly-owned subsidiary of REC. Further, such SPVs are subsequently transferred along with all assets and liabilities to the successful bidder(s) selected through TBCB process.

In compliance with Regulation 30 of SEBI (LODR) Regulations, 2015, it is hereby informed that the Board of Directors of REC Limited in its 463rd meeting held on October 19, 2019, inter-alia approved the proposals for sale and transfer of Rampur Sambhal Transco Limited. Lakadia Banaskantha Transco Limited and Jam Khambaliya Transco Limited to the successful bidders, selected through Tariff Based Competitive Bidding Process as detailed below:-

S1.No.	ParticularsThe amount and percentage of theturnover or revenue or income andnet worth contributed by such unitor division of the listed entityduring the last financial year.	Details
1.		Negligible.
2.	Date on which the agreement forsale has been entered into.	The process for sale of the said SPVs to theSuccessful Bidder(s) is expected to complete inthe Financial Year 2019-20.
3.	The expected date of completionof sale/disposal.
4.	Consideration received from suchsale/disposal.

Regional Offices: Bangalore, Bhopal, Bhubaneswar, Chennai, Guwahati, Hyderabad, Imphal, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Panchkula, Patna, Raipur, Ranchi, Thiruvananthapuram & Vijayawada

State Offices : Dehradun, Itanagar, Shillong, Shimla, Vadodara & Varanasi

	ofbuyerandBriefdetailswhetherthebuyersbelongtothepromoter/promotergroup/groupcompaniesIfyes,detailsthereof_	'SI_No	Nameofthe SPV	NameofSuccessful Bidder
		1	RampurSambhal TranscoLimited	M/sPower'GridCorporationofIndiaLimited,ee;
		2	LakadiaBanaskanthaTransco Limited	M/sAdaniTransmissionLimited -
		3[	JamKhambaliyaTranscoLimited	M/sAdaniTransmissionLimitedeos
		ItispertinenttomentionthatnoneofthesuccessfulBiddersasmentionedabovebelongtoPromoterandPromotergroupFurther,PowerGridCorporationofIndiaLimitedisaGovernmentofIndiaEnterpriseunderMinistryofPowerandlistedonNationalStockExchangeofIndLim&BSLimiaitedEited
	Whetherthetransactionwouldfallwithinrelatedpartytransactions?Ifyes,whetherthe sameisdoneat"arm'slength"	Thetransactiondoesnotfallwithinthepurviewofrelatedpartytransaction
	WhetherthetransactionisinthenatureofSlumpSale:	'Theproposalforsaleandtransferofthewholly-ownedsubsidiariesofRECTPCLandREC,to theSuccessfulBiddersasperdetailsgiveninPointNo5above,isnotinthenatureofslumpsale
		Further,theconsiderationforsale&transferof SPVsisdeterminedinaccordancewiththeGuidelinesissued,fromtimetotime,bytheMinistryofPower,GovernmentofIndia;

This is for your kind information and dissemination.

Thanking you,

Yours faithfully,

mr

-5. /Amitabh) Executive Director & Cotnp: Secretary