REC LIMITED — Capital/Financing Update 2024

Nov 20, 2024

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Jyoti Shubhra Amitabh Digitally signed by Jyoti Shubhra Amitabh DN: c=IN, o=Personal,CID - 6992566, pseudonym=20240829162233235, 2.5.4.20=96ed5c3c20972a0f47df962fdc4a780c9e9024cf91b3ff6f7d5f85abae7d8510, postalCode=201301, st=Uttar Pradesh, title=0573, serialNumber=159303584c6c1556d495ded817d8acafb7052d4bc2ffef2356115a0e92ae00ac, cn=Jyoti Shubhra Amitabh Date: 2024.11.20 18:14:59 +05'30'

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Encl: As above

Annexure -1

Incorporation of Wholly Owned Subsidiary Companies

Sl. No.	Particulars	Mahan Transmission Limited	Kurnool-IV Transmission Limited
1.	Name of the target entity, details in brief such as size, turnover etc.	Name: Mahan Transmission Limited Authorized Capital:₹5,00,000/- Paid up Capital:₹5,00,000/- Turnover: Not Applicable (It is a newly incorporated Company and is yet to commence its business). Energy Department, Govt. of Madhya Pradesh, vide its order dated August 28, 2024 had allocated one intra-state transmission project, wherein RECPDCL has been appointed to act as Bid Process Coordinator (BPC) for the purpose of selection of Bidder for “Transmission System for evacuation of 1230 MW power (MPPTCL portion) through STU network from proposed 2X800 MW thermal power project of M/s Mahan Energen Ltd". In view of the above, Mahan Transmission Limited has been incorporated on November 20, 2024. After selection of the successful bidder in accordance with the Tariff Based Competitive Bidding (TBCB) guidelines, said company would be transferred to the successful bidder along with all assets & liabilities.	Name: Kurnool-IV Transmission Limited Authorized Capital:₹5,00,000/- Paid up Capital:₹5,00,000/- Turnover: Not Applicable (It is a newly incorporated Company and is yet to commence its business). Ministry of Power, vide gazette notification dated September 19, 2024 had allocated one transmission project, wherein RECPDCL has been appointed to act as Bid Process Coordinator (BPC) for the purpose of selection of Bidder for Transmission System for Integration of Kurnool-IV REZ- Phase-I (for 4.5 GW). In view of the above, Kurnool-IV Transmission Limited has been incorporated on November 20, 2024. After selection of the successful bidder in accordance with the Tariff Based Competitive Bidding (TBCB) guidelines, said company would be transferred to the successful bidder along with all assets & liabilities.

2.	Whether the acquisition would fall within related party transaction(s) and whether the promoter/ promoter group/ group companies have any interest in the entity being acquired? If yes, nature of interest and details thereof and whether the same is done at “arm’s length”	Mahan Transmission Limited is a Wholly Owned Subsidiary of REC Power Development & Consultancy Limited (a Wholly Owned Subsidiary of REC Limited), therefore it is a related party of the REC Limited. The Promoter, promoter group/ group companies do not have any interest in Mahan Transmission Limited except to the extent of its shareholding.	Kurnool-IV Transmission Limited is a Wholly Owned Subsidiary of REC Power Development & Consultancy Limited (a Wholly Owned Subsidiary of REC Limited), therefore it is a related party of the REC Limited. The Promoter, promoter group/ group companies do not have any interest in Kurnool- IV Transmission Limited except to the extent of its shareholding.
3.	Industry to which the entity being acquired belongs	Power Sector.	Power Sector.
4.	Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business ofthelisted entity)	The Company has been incorporated for Transmission System for evacuation of 1230 MW power (MPPTCL portion) through STU network from proposed 2X800 MW thermal power project of M/s Mahan Energen Ltd.	The Company has been incorporated for Transmission System for Integration of Kurnool-IV REZ- Phase-I (for 4.5 GW).
5.	Brief details of any governmental or regulatory approvals required for the acquisition	Incorporated pursuant to the order dated August 28, 2024 issued by, Energy Department, Govt. of Madhya Pradesh wherein REC Power Development and Consultancy Limited has been nominated as Bid Process Coordinator.	Incorporated pursuant to gazette notification dated September 19, 2024 issued by, Ministry of Power, wherein REC Power Development and Consultancy Limited has been nominated as Bid Process Coordinator.
6.	Indicative time period for completion of the acquisition	Not Applicable.	Not Applicable.
7.	Nature of consideration - whether cash consideration or	100% subscription to the equity share capital in cash.	100% subscription to the equity share capital in cash.

	share swap and details of the same
8.	Cost of acquisition or the price at which the shares are acquired	100% subscription to the equity share at face value	100% subscription to the equity share at face value
9.	Percentage of shareholding / control acquired and / or number of shares acquired	100%	100%
10.	Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief)	RECPDCL inter-alia acts as the "Bid Process Coordinator" for selection of Transmission Service Provider through TBCB process, for independent inter-state and intra-state transmission project assigned by the Ministry of Power and State Governments from time to time.	RECPDCL inter-alia acts as the "Bid Process Coordinator" for selection of Transmission Service Provider through TBCB process, for independent inter-state and intra-state transmission project assigned by the Ministry of Power and State Governments from time to time.

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