REC LIMITED — Capital/Financing Update 2024

Aug 30, 2024

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----- Start of picture text ----- SEC-1/187(2)/2024/1876 Dated: August 30, 2024िल��ंग िवभाग , कॉप�रेट संबंध िवभागनेशनल �ॉक ए�च�ज ऑफ इंिडया िलिमटेड बीएसई िलिमटेडए�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 —532955Listing Department, Corporate Relationship DepartmentNational Stock Exchange of India Limited BSE LimitedExchange Plaza, Bandra Kurla Complex, 1 [st] Floor, Phiroze Jeejeebhoy TowersBandra (East), Mumbai – 400 051 Dalal Street, Fort, Mumbai – 400 001Scrip Code—RECLTD Scrip Code—532955----- End of picture text -----

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 30, 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.	Khavda IVA Power TransmissionLimited	Adani Energy Solutions Limited
2.	Khavda IV C Power TransmissionLimited	Sterlite Grid 38 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: 2024.08.30 19:38:25 +05'30' काय�कारी िनदेशक और कंपनी सिचव

संल� : ऊपरो� अनुसार

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Annexure-1

Details of sale and transfer of Subsidiaries

Sl.No.	Particulars	Khavda IVA Power Transmission Limited	Khavda IV C Power Transmission Limited
1.	The amount and percentage of the turnover orrevenue or income and net worth contributed bysuch unit or division of the listed entity during thelast financial year.	Negligible	Negligible
2.	Date on which the agreement for sale has beenenteredinto.	The Share Purchase Agreement (SPA) has been executedbetween RECPDCL & successful bidder on 30.08.2024.	The Share Purchase Agreement (SPA) has been executedbetween RECPDCL & successful bidder on 30.08.2024.
3.	The expected date ofcompletionofsale/disposal.	Consideration comprises professional fee of₹15 Crore &reimbursement ofexpenses.	Consideration comprises professional fee of₹15 Crore &reimbursement ofexpenses.
4.	Consideration received from such sale/disposal.
5.	Brief details of buyer and whether the buyers belongto the promoter/ promoter group/group companies.If yes, details thereof.	Name of SPV:Khavda IVA Power Transmission LimitedName of Successful Bidder:Adani Energy SolutionsLimitedIt is pertinent to mention that the successful Biddermentioned above, does not belong to Promoter andPromoter group.	Name of SPV:Khavda IV C Power Transmission LimitedName of Successful Bidder:Sterlite Grid 38 LimitedIt is pertinent to mention that the successful Bidder mentionedabove, does not belong to Promoter and Promoter group.
6.	Whether the transaction would fall within relatedparty transactions? If yes, whether the same is doneat"arm'slength".	The transaction does not fall within the purview of relatedparty transaction.	The transaction does not fall within the purview of related partytransaction.
7.	whether the sale, lease or disposal of the undertakingis outside Scheme of Arrangement? If yes, details ofthe same including compliance with regulation 37Aof LODR Regulations.	Not Applicable	Not Applicable
8.	Whether the transaction is in the nature of SlumpSale.	The proposal for sale and transfer of Khavda IVA PowerTransmission Limited, to the successful bidder as perdetails given in Point no. 5 above is not in the nature ofslump sale.Further, the consideration for sale & transfer of SPVs isdetermined in accordance with the Guidelines issued fromtime to time by the Ministry of Power, Government ofIndia.	The proposal for sale and transfer of Khavda IV C PowerTransmission Limited, to the successful bidder as per detailsgiven in Point no. 5 above is not in the nature of slump sale.Further, the consideration for sale & transfer of SPVs isdetermined in accordance with the Guidelines issued from timeto time by the Ministry of Power, Government of India.

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