REC LIMITED — Capital/Financing Update 2023

Dec 14, 2023

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Digitally signed by Jyoti Shubhra Amitabh DN: c=IN, o=Personal, title=0573, pseudonym=133065811914836276Dm3B8269pXyOd3, 2.5.4.20=90de92ff366d85bfab279748dedfb1a88a5af19e Jyoti Shubhra 87ea57b3f19ab9d20d92f4e8, postalCode=201301, st=Uttar Pradesh, serialNumber=159303584c6c1556d495ded817d8acafb7 Amitabh 052d4bc2ffef2356115a0e92ae00ac, cn=Jyoti Shubhra Amitabh Date: 2023.12.14 17:45:59 +05'30'

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Annexure-1IncorporationofWholly Owned Subsidiaries named "NERGS-I Power Transmission LimitedandTUMKUR-IlREZPower Transmission Limited."	Annexure-1IncorporationofWholly Owned Subsidiaries named "NERGS-I Power Transmission LimitedandTUMKUR-IlREZPower Transmission Limited."	Annexure-1IncorporationofWholly Owned Subsidiaries named "NERGS-I Power Transmission LimitedandTUMKUR-IlREZPower Transmission Limited."	Annexure-1IncorporationofWholly Owned Subsidiaries named "NERGS-I Power Transmission LimitedandTUMKUR-IlREZPower Transmission Limited."
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SI.No.1.	Particulars	Details of subsidiary CompaniesNERGS-I Power Transmission TUMKUR-IlREZPowerLimitedTransmission Limited
	Nameofthe target entity,details in brief suchassize,turnover etc.	Name:NERGS-IPowerTransmission LimitedAuthorized Capital:;:5,00,0001-Paidup Capital:;:5,00,0001-Turnover:NotApplicable(Itisanewly incorporated company andisyet to commence its business).CentralElectricityAuthority,MinistryofPower vide letterdatedSeptember18,2023communicatedtheapproval/recommendationof15thMeetingofNationalCommitteeofTransmission(NCT), whereinRECPDCLhasbeen appointed to act as Bidprocess Coordinator (BPC) for thepurposeofselectionofBidder asTransmissionsystemproviderfor_"North_EastemRegionGeneration Scheme-J(NERGS-I)".In viewofthe above, NERGS-IPower Transmission Limited hasbeen incorporated on December13,2023. After selectionofthesuccessful bidder in accordancewith the TBCB guidelines, saidcompany wouldbetransferred tothe successful bidder along withall assets&liabilities.NERGS-I_Power_TransmissionLimitedISa Wholly OwnedSubsidiaryofRECPowerDevelopment&ConsultancyLimited(aWhollyOwnedSubsidiaryofRECLimited),therefore itisa related partyofthe REC Limited.The Promoter, promoter_groupl_group companies donothave any	Name: TUMKUR-IIREZPower Transmission LimitedAuthorized Capital:;:5,00,0001-Paid up Capital:;:5,00,0001-Turnover:NotApplicable(ItISanewly incorporated companyandisyet to commence its business).CentralElectricityAuthority,MinistryofPower vide letter datedSeptember 18, 2023 communicatedthe approval/recommendationof15'hMeetingofNationalCommitteeofTransmission(NCT), whereinRECPDCLhasbeen appointed to actasBidprocess Coordinator (BPC) for thepurposeofselectionofBidderasTransmissionsystemproviderfor "TransmissionschemeforintegrationofTumkur-IIREZinKamataka" .In viewofthe above, TUMKUR-IIREZPower Transmission LimitedhasbeenincorporatedonDecember 13, 2023. After selectionofthesuccessfulbidder111accordancewiththeTBCBguidelines, said company would betransferred to the successful bidderalong with all assets&liabilities.TUMKUR-IIREZPowerTransmission Limitedisa WhollyOwned SubsidiaryofREC_Power_Development&ConsultancyLimited(aWhollyOwnedSubsidiaryofRECLimited),therefore itisa related partyoftheREC Limited.The Promoter, promoter_groupl_group companies donothave any
2.	Whether the acquisitionwould fall within relatedparty transaction(s)andwhetherthepromoterlpromotergrouplgroupcompameshaveanyinterest in the entity beingacquired?Ifyes, natureofinterestanddetails thereofand

	whether the sameisdone at"arms length" .	interestIIINERGS-IPowerIinterestIIITUMKUR-IIREZTransmission Limited except toIPowerTransmissionLimitedthe extentofits shareholding.excepttotheextentofitsshareholding.	interestIIINERGS-IPowerIinterestIIITUMKUR-IIREZTransmission Limited except toIPowerTransmissionLimitedthe extentofits shareholding.excepttotheextentofitsshareholding.
3.	Industrytowhichtheentitybeingacquiredbelongs.	Power Sector	Power Sector
4.	Objectsandeffectsofacquisition (including butnotlimited to, disclosureofreasons for acquisitionoftarget entity,ifits businessisoutside the main lineofbusinessofthelistedentity).	ThecompanyhasbeenincorporatedtodevelopTransmission system for NorthEasternRegionGenerationScheme-I(NERGS-I).	ThecompanyhasbeenincorporatedtodevelopTransmissionsystemforTransmissionschemeforintegration of Tumkur-IIREZinKarnataka.
5.	Briefdetailsofanygovernmental or regulatoryapprovals required for theacquisition.	Incoprorated pursuant to letterdated September18,2023 issuedby Central Electricity Authority,MinistryofPower, wherein RECPowerDevelopmentandConsultancy Limited has beennominatedasBidProcessCoordinator.	Incoprorated pursuant to letterdated September 18, 2023 issuedbyCentralElectricityAuthority,MinistryofPower, wherein RECPowerDevelopmentandConsultancy Limited has beennominatedasBidProcessCoordinator.
6.	Indicative time period forcompletionoftheacquisition.	NotApplicable	NotApplicable
7.	Natureofconsideration -whether cash considerationorshare swapanddetailsofthe same.	100% subscription to the equityshare capital in cash.	100% subscription to the equityshare capital in cash.
8.	Costofacquisition or theprice at which the sharesare acquired.	100% subscription to the equityshare capital at face value.	100% subscription to the equityshare capital at face value.
9.	Percentageofshareholding/ control acquired and /ornumberofshares acquired.	100%	100%
]Q,	Briefbackground about theentity acquired in termsofproducts/lineofbusinessacqnired,dateof**incorporation,**historyoflast3yearsturnover,countryIIIwhichtheacquiredentityhaspresence and any othersignificant information (inbrief).	REC Power DevelopmentandConsultancyLimited(RECPDCL) inter-alia acts as the"BidProcess Coordinator" forselectionofTransmission ServiceProvider throngh Tariff BasedCompetitiveBidding(TBCB)**process,**for independent inter-stateandintrastate transmissionproject assigned by the MinistryofPower and State Governmentsfrom timetotime.	REC Power Development andConsultancy Limited (RECPDCL)inter-alia actsasthe "Bid ProcessCoordinator"forselectionofTransmissionServiceProviderthrough Tariff Based CompetitiveBidding(TBCB)process,forindependentinter-stateandintrastatetransmissionprojectassigned by the MinistryofPowerandState Governments from timeto time.