REC LIMITED — Capital/Financing Update 2024

Oct 15, 2024

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SEC-1/187(2)/2024/ 1996 Dated: October 15, 2024
िल��ंग िवभाग , कॉप�रेट संबंध िवभाग
नेशनल �ॉक ए�च�ज ऑफ इंिडया िलिमटेड बीएसई िलिमटेड
ए�च�ज �ाजा , बां�ा कुला� कॉ��े� , पहली मंिजल , फीरोज जीजीभोय टावस�
बां�ा ( पूव� ), मबई - ४०० ०५१ दलाल ��ीट , फोट� , मबई - ४०० ००१
��प कोड —RECLTD ��प कोड —532955
Listing Department, Corporate Relationship Department
National Stock Exchange of India Limited BSE Limited
Exchange Plaza, Bandra Kurla Complex, 1 [st] Floor, Phiroze Jeejeebhoy Towers
Bandra (East), Mumbai – 400 051 Dalal Street, Fort, Mumbai – 400 001
Scrip Code—RECLTD Scrip Code—532955
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Sub: Intimation of sale and transfer of project specific SPV/subsidiary of REC Limited (“REC”).

Pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is informed that after receipt of necessary consideration by REC Power Development & Consultancy Limited (“RECPDCL”), a wholly owned subsidiary of REC, the entire shareholding of Rajasthan IV H1 Power Transmission Limited, comprising of 50,000 equity shares, held by RECPDCL, has been transferred at par value along with all its assets and liabilities on October 15, 2024 to the successful bidder selected through tariff based competitive bidding process.

Hence, with effect from the aforesaid date, the project specific SPV/subsidiary is not the subsidiary of RECPDCL & REC. Further, the details as required under SEBI Circular dated July 13, 2023 are enclosed herewith as Annexure-1 .

यह आपकी जानकारी के िलए है। This is for your kind information.

ध�वाद ,

भवदीय , Jyoti Shubhra Digitally signed by Jyoti Shubhra Amitabh Amitabh Date: 2024.10.15 21:25:04 +05'30' ( जे . एस . अिमताभ) काय�कारी िनदेशक और कंपनी सिचव

संल� : ऊपरो� अनुसार

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Annexure-1

Details of sale and transfer of Subsidiary

Sl. No.	Particulars	Rajasthan IV H1 Power Transmission Limited
1.	The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year.	Negligible
2.	Date on which the agreement for sale has been entered into.	The Share Purchase Agreement (SPA) has been executed between RECPDCL & successful bidder on 15.10.2024. Consideration comprises professional fee of₹15 Crore & reimbursement of expenses.
3.	The expected date of completion of sale/disposal.
4.	Consideration received from such sale/disposal.
5.	Brief details of buyer and whether the buyers belong to the promoter/ promoter group/group companies. If yes, details thereof.	Name of SPV:Rajasthan IV H1 Power Transmission Limited Name of Successful Bidder:Power Grid Corporation of India Limited It is pertinent to mention that the successful Bidder mentioned above, does not belong to Promoter and Promoter group.
6.	Whether the transaction would fall within related party transactions? If yes, whether the same is done at "arm's length".	The transaction does not fall within the purview of related party transaction.
7.	whether the sale, lease or disposal of the undertaking is outside Scheme of Arrangement? If yes, details of the same including compliance with regulation 37A of LODR Regulations.	Not Applicable
8.	Whether the transaction is in the nature of Slump Sale.	The proposal for sale and transfer of Rajasthan IV H1 Power Transmission Limited, to the successful bidder as per details given in Point no. 5 above is not in the nature of slump sale. Further, the consideration for sale & transfer of SPVs is determined in accordance with the Guidelines issued from time to time by the Ministry of Power, Government of India.

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