REC LIMITED — Capital/Financing Update 2024

Aug 19, 2024

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SEC-1/187(2)/2024/1843 Dated: August 19, 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 SPVs/subsidiaries 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 two subsidiaries, comprising of 50,000 equity shares of each subsidiary, held by RECPDCL, has been transferred at par value along with all its assets and liabilities on August 19, 2024 to the successful bidder selected through tariff based competitive bidding process, as per the details given below:-

Sl. No.	Name of the Subsidiary of REC/ RECPDCL	Name of the successful bidder
1.	Rajasthan IV C Power Transmission Limited	Power Grid Corporation of India Limited
2.	Rajasthan IV E Power Transmission Limited

Hence, with effect from the aforesaid date, the above project specific SPVs/subsidiaries are not the subsidiaries of RECPDCL & REC. Further, 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 ,

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Jyoti Shubhra Amitabh ( जे . एस . अिमताभ) Digitally signed by Jyoti Shubhra Amitabh DN: c=IN, o=Personal, title=0573, pseudonym=133065811914836276Dm3B8269pXyOd3, 2.5.4.20=90de92ff366d85bfab279748dedfb1a88a5af19e87ea57b3f19ab9d20d92f4e8, postalCode=201301, st=Uttar Pradesh, serialNumber=159303584c6c1556d495ded817d8acafb7052d4bc2ffef2356115a0e92ae00ac, cn=Jyoti Shubhra Amitabh Date: 2024.08.19 20:59:05 +05'30' भवदीय ,
काय�कारी िनदेशक और कंपनी सिचव
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संल� : ऊपरो� अनुसार

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Annexure-1

Details of sale and transfer of Subsidiaries

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Sl. Particulars Rajasthan IV C Power Transmission Limited Rajasthan IV E Power Transmission Limited
No.
1. The amount and percentage of the
turnover or revenue or income and net
worth contributed by such unit or Negligible Negligible
division of the listed entity during the
last financial year.
2. Date on which the agreement for sale The Share Purchase Agreement (“SPA”) has The Share Purchase Agreement (“SPA”) has
has been entered into. executed between RECPDCL & successful bidder on executed between RECPDCL & successful bidder on
3. The expected date of completion of August 19, 2024. August 19, 2024.
sale/disposal.
Consideration comprises of professional fee of ₹ 15 Consideration comprises of professional fee of ₹ 15
4. Consideration received from such Cr. & reimbursement of expenses. Cr. & reimbursement of expenses.
sale/disposal.
5. Brief details of buyer and whether the Name of SPV: Rajasthan IV C Power Transmission Name of SPV: Rajasthan IV E Power Transmission
buyers belong to the promoter/ Limited Limited
promoter group/group companies. If
yes, details thereof. Name of Successful Bidder: M/s Power Grid Name of Successful Bidder: M/s Power Grid
Corporation of India Limited Corporation of India Limited
It is pertinent to mention that the successful Bidder It is pertinent to mention that the successful Bidder
mentioned above, does not belong to Promoter and mentioned above, does not belong to Promoter and
Promoter group. Promoter group.
6. Whether the transaction would fall The transaction does not fall within the purview of The transaction does not fall within the purview of
within related party transactions? If yes, related party transaction. related party transaction.
whether the same is done at "arm's
"
length .
7. whether the sale, lease or disposal of the Not Applicable Not Applicable
undertaking is outside Scheme of
Arrangement? If yes, details of the same
including compliance with regulation
37A of LODR Regulations.
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Sl. Particulars Rajasthan IV C Power Transmission Limited Rajasthan IV E Power Transmission Limited
No.
8. Whether the transaction is in the nature The proposal for sale and transfer of Rajasthan IV C The proposal for sale and transfer of Rajasthan IV E
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Sl. No.	Particulars	Rajasthan IV C Power Transmission Limited	Rajasthan IV E Power Transmission Limited
8.	Whether the transaction is in the nature	The proposal for sale and transfer of Rajasthan IV C	The proposal for sale and transfer of Rajasthan IV E
	of Slump Sale.	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.	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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