REC-led subsidiary transfers project specific SPV to Power Grid

25 Aug 2022 , 12:23 PM

REC Limited has informed regarding sale and transfer of Neemuch Transmission Limited, wholly owned subsidiary of RECPDCL and also of REC.

According to the regulatory filing, it is informed that after receipt of consideration comprising of professional fees of Bid Process Coordination, interest cost and reimbursement of expenditure incurred on the project by REC Power Development & Consultancy Limited (RECPDCL), a wholly-owned subsidiary of REC, the entire shareholding of Neemuch Transmission Limited, comprising of 50,000 equity shares, presently held by RECPDCL, has been transferred at par value along with all its assets and liabilities on August 24, 2022 to Power Grid Corporation of India Limited, the successful bidder selected through tariff based competitive bidding process, for development of “Transmission System for evacuation of power from Neemuch SEZ.”

At around 12:25 PM, REC Ltd is currently trading at Rs108.40 per share up by Rs2.8 or 2.65% from its previous closing of Rs105.60 per share on the BSE.

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