Sale20 Nov 2024, 12:07 am
REC Ltd Subsidiary, Khavda V-A Power Transmission Limited, Sold to Power Grid Corporation of India Ltd
AI Summary
REC Ltd announced the sale and transfer of its subsidiary, Khavda V-A Power Transmission Limited, to Power Grid Corporation of India Ltd. The sale was completed on November 19, 2024, following a tariff-based competitive bidding process. The entire shareholding of 50,000 equity shares, along with all assets and liabilities, was transferred at par value. The sale consideration comprises a professional fee of Rs. 15 Crore and reimbursement of expenses.
Key Highlights
- REC Ltd sold its subsidiary, Khavda V-A Power Transmission Limited, to Power Grid Corporation of India Ltd
- The sale was completed on November 19, 2024, following a tariff-based competitive bidding process
- The entire shareholding of 50,000 equity shares, along with all assets and liabilities, was transferred at par value
- The sale consideration comprises a professional fee of Rs. 15 Crore and reimbursement of expenses
- The successful bidder, Power Grid Corporation of India Ltd, does not belong to the promoter or promoter group