REC Ltd to sell 4 special purpose vehicles to successful bidders

Out of these, two transmission projects will be sold to Power Grid Corporation and Sterlite Grid and Adani Power will receive one project each, the company said in the press note.

Aug 07, 2019 03:08 IST India Infoline News Service

Rural Electrification Corporation
REC Ltd said in the press release that its board on Tuesday has approved the sale of four special purpose vehicles. Out of these, two transmission projects will be sold to Power Grid Corporation and Sterlite Grid and Adani Power will receive one project each, the company said in the press note.

The company has reported Rs1,501cr net profit during the first quarter of the current fiscal. Its total income for the quarter under review was at Rs6,989.19cr. The loan book has grown by 20% from Rs2.42 lakh cr as on June 30, 2018, to Rs2.91 lakh cr on June 30, 2019.

REC Ltd ended at Rs138.45 up by Rs4.85 or 3.63% from its previous closing of Rs133.60 on the BSE.

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