REC Ltd

REC Ltd, through its wholly-owned subsidiary REC Power Development and Consultancy Limited (RECPDCL), has announced the incorporation of three new wholly-owned subsidiary companies: Bikaner V Part D Power Transmission Limited, Bikaner V Part C Power Transmission Limited, and YEIDA Power Transmission Limited. These entities have been incorporated on October 23, 2026, with an authorized capital of ₹5,00,000 and paid-up capital of less than ₹5,00,000 each. Their business operations are yet to commence. The incorporation is linked to the allocation of inter-state and intra-state transmission projects by the Ministry of Power and UP Power Transmission Corporation Limited, where RECPDCL acts as the Bid Process Coordinator. These subsidiaries will be transferred to the successful bidders along with assets and liabilities post the Tariff Based Competitive Bidding (TBCB) process.

REC Ltd has announced that its Board of Directors will convene on October 26, 2026. The primary agenda items include the consideration and approval of the unaudited financial results for the quarter and half-year ended September 30, 2026, on both standalone and consolidated bases. Additionally, the board will discuss and potentially declare the second interim dividend for the financial year 2026-27. The trading window for REC's equity shares remains closed since May 14, 2026, and will continue to be closed until further notice, with designated persons and their relatives advised against trading in the company's securities.

REC Ltd, through its wholly-owned subsidiary REC Power Development and Consultancy Limited (RECPDCL), has completed the sale and transfer of its project-specific SPV, Nawada Durgapur Power Transmission Limited. The entire shareholding of 50,000 equity shares, along with all assets and liabilities, was transferred to Shivalaya Construction Limited, the successful bidder selected through a tariff-based competitive bidding process. The consideration received amounts to approximately ₹18,44,62,442 (including taxes). This transaction, effective October 16, 2026, means Nawada Durgapur Power Transmission Limited is no longer a subsidiary of RECPDCL or REC Limited. The sale is not considered a slump sale and the consideration was determined as per Ministry of Power guidelines.

REC Ltd, through its wholly-owned subsidiary REC Power Development and Consultancy Limited (RECPDCL), has divested its entire shareholding in two project-specific Special Purpose Vehicles (SPVs): Jam Khambhaliya Jamnagar Power Transmission Limited and Lakadia II Power Transmission Limited. The sale, completed on October 12, 2026, involved the transfer of all assets and liabilities to the successful bidders, Ceigall India Limited and Power Grid Corporation of India Limited, respectively. The total consideration received amounts to ₹18,83,98,174 (₹18.84 Crore) for Jam Khambhaliya Jamnagar Power Transmission Limited and ₹18,42,62,593 (₹18.43 Crore) for Lakadia II Power Transmission Limited. These SPVs are no longer subsidiaries of RECPDCL or REC Ltd. The transactions were conducted through a tariff-based competitive bidding process and did not fall within related party transactions or the nature of a slump sale.

REC Limited, through its wholly-owned subsidiary REC Power Development and Consultancy Limited (RECPDCL), has incorporated three new wholly-owned subsidiary companies: Bikaner V Part A Power Transmission Limited, Bikaner V Part B Power Transmission Limited, and Mirzapur Power Transmission Limited. These entities have been established to undertake specific power transmission projects allocated by the Ministry of Power and U.P. Power Transmission Corporation Limited. Each subsidiary has an authorized and paid-up capital of ₹5,00,000 and is yet to commence business. The companies will be transferred to successful bidders post-Tariff Based Competitive Bidding (TBCB) for the respective projects.

REC Limited has announced the closure of its trading window for trading in its equity shares and other listed securities. This closure is in accordance with the company's "Code of Conduct for Regulating, Monitoring & Reporting of Trading by Designated Persons & their Immediate Relatives and for Fair Disclosure". The trading window has been closed since May 14, 2026, and will remain shut until further notice. All designated persons and their immediate relatives have been advised not to engage in any dealings of REC's securities during this period.

REC Ltd has been fined ₹10.77 lakh by stock exchanges for non-compliance with SEBI Listing Regulations regarding board and committee composition for the quarter ended June 30, 2026. The company's Board noted the non-compliance and fines, emphasizing that as a Government Company, the appointment of Independent Directors is vested with the President of India via the Ministry of Power. REC requested a waiver of the fines, citing its lack of control over director appointments and urged expedited appointments by the Ministry of Power. The company was also advised on the process for filing a waiver request, which requires achieving compliance first.

REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Ltd, has completed the sale and transfer of its entire shareholding in Balsane Power Transmission Limited for a consideration of ₹5,59,19,024. The transaction, which includes all assets and liabilities of the SPV, was finalized on September 28, 2026, with Resonia Limited emerging as the successful bidder. The buyer is not part of REC's promoter group. The sale is not considered a slump sale, and the consideration was determined as per Ministry of Power guidelines. The contributed turnover and net worth of Balsane Power Transmission Limited were negligible.

REC Power Development and Consultancy Limited (RECPDCL), a subsidiary of REC Limited, has divested its entire shareholding in Ranipur Chunar Power Transmission Limited. The sale, completed on September 26, 2026, involved 50,000 equity shares and included all assets and liabilities. The transaction yielded a consideration of ₹1,88,49,228 (including taxes), determined as per Ministry of Power guidelines. The successful bidder, H G Infra Engineering Limited, does not belong to the promoter group. This divestment marks Ranipur Chunar Power Transmission Limited as no longer a subsidiary of RECPDCL or REC Limited.

REC Ltd, through its wholly-owned subsidiary RECPDCL, has divested its entire shareholding in two project-specific Special Purpose Vehicles (SPVs): Barmer HVDC Power Transmission Limited and Sakoli Power Transmission Limited. The transfer to successful bidders, Power Grid Corporation of India Limited and Ashoka Buildcon Limited respectively, was completed on September 23, 2026, after receipt of the necessary consideration. The consideration for Barmer HVDC was ₹18.97 crore and for Sakoli Power was ₹3.05 crore, inclusive of professional fees. These SPVs are no longer subsidiaries of RECPDCL or REC Ltd. The transaction is not considered a related party transaction or a slump sale.