REC LIMITED — Capital/Financing Update 2025

Mar 24, 2025

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SEC-1/187(2)/2025/2214 Dated: March 24, 2025
ि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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िवषय: आरईसी िलिमटेड की प�रयोजना िविश� एसपीवी/सहायक कंपिनयों की िब�ी और ह�ांतरण की सूचना।

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 and Consultancy Limited (“RECPDCL”- a wholly owned subsidiary of REC), the entire shareholding of four subsidiaries, comprising of 50,000 equity shares of each subsidiary, held by RECPDCL, have been transferred at par value along with all its assets and liabilities on March 24, 2025 to the successful bidders selected through tariff based competitive bidding process, as per the details given below:

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Sl. Name of the Subsidiary of REC/RECPDCL Name of successful Bidder
No.
1. Banaskantha Transco Limited Power Grid Corporation of India
2. Kurnool-IV Transmission Limited Limited
3. Rajasthan V Power Transmission Limited
4. Ratle Kiru Power Transmission Limited IndiGrid 2 Private Limited
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Hence, with effect from the aforesaid date, the project specific SPVs/subsidiaries are not the subsidiaries of RECPDCL & REC. Further, the details as required under SEBI Circular dated July 13, 2023 and other applicable circulars 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: 2025.03.24 20:09:30 +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 Subsidiaries

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Sl. Particulars Banaskantha Transco Kurnool-IV Transmission Rajasthan V Power Ratle Kiru Power
No. Limited Limited Transmission Limited Transmission Limited
1. The amount and
percentage of the turnover
or revenue or income and
net worth contributed by Negligible Negligible Negligible Negligible
such unit or division of the
listed entity during the last
financial year.
2. Date on which the The Share Purchase The Share Purchase The Share Purchase The Share Purchase
agreement for sale has Agreement (SPA) has been Agreement (SPA) has been Agreement (SPA) has Agreement (SPA) has been
been entered into. executed between executed between executed between executed between RECPDCL
3. The expected date of RECPDCL & successful RECPDCL & successful RECPDCL & successful & successful bidder on
completion of bidder on 24.03.2025. bidder on 24.03.2025. bidder on 24.03.2025. 24.03.2025.
sale/disposal.
4. Consideration received Consideration comprises Consideration comprises Consideration comprises Consideration comprises
from such sale/disposal. professional fee of ₹5 crore professional fee of ₹15 crore professional fee of ₹15 professional fee of ₹9.98 crore
& reimbursement of & reimbursement of crore & reimbursement of & reimbursement of expenses.
expenses. expenses. expenses.
5. Brief details of buyer and Name of SPV: Name of SPV: Kurnool-IV Name of SPV: Rajasthan Name of SPV: Ratle Kiru
whether the buyers belong Banaskantha Transco Transmission Limited V Power Transmission Power Transmission Limited
to the promoter/ promoter Limited Limited
group/group companies. Name of Successful Bidder: Name of Successful Bidder:
If yes, details thereof. Name of Successful Bidder: Power Grid Corporation of Name of Successful IndiGrid 2 Private Limited
Power Grid Corporation India Limited Bidder: Power Grid
of India Limited Corporation of India It is pertinent to mention that
It is pertinent to mention that Limited the successful Bidder
It is pertinent to mention the successful Bidder mentioned above, does not
that the successful Bidder mentioned above, does not It is pertinent to mention belong to Promoter and
mentioned above, does not belong to Promoter and that the successful Bidder Promoter group.
belong to Promoter and Promoter group. mentioned above, does not
Promoter group. belong to Promoter and
Promoter group.
6. Whether the transaction The transaction does not The transaction does not fall The transaction does not The transaction does not fall
would fall within related fall within the purview of within the purview of related fall within the purview of within the purview of related
party transactions? If yes, related party transaction. party transaction. related party transaction. party transaction.
whether the same is done
at "arm's length".
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Sl. No.	Particulars	Banaskantha Transco Limited	Kurnool-IV Transmission Limited	Rajasthan V Power Transmission Limited	Ratle Kiru Power Transmission Limited
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	Not Applicable	Not Applicable	Not Applicable
8.	Whether the transaction is in the nature of Slump Sale.	The proposal for sale and transfer of Banaskantha Transco 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 SPV is determined in accordance with the Guidelines issued from time to time by the Ministry of Power, Government of India.	The proposal for sale and transfer of Kurnool-IV 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 SPV is determined in accordance with the Guidelines issued from time to time by the Ministry of Power, Government of India.	The proposal for sale and transfer of Rajasthan V 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 SPV is determined in accordance with the Guidelines issued from time to time by the Ministry of Power, Government of India.	The proposal for sale and transfer of Ratle Kiru 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 SPV is determined in accordance with the Guidelines issued from time to time by the Ministry of Power, Government of India.

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