REC arm transfers stake in Gadag Transmission Ltd

In continuation of our earlier letter dated February 4, 2022 on above cited subject, it is informed that after receipt of consideration comprising of professional fee for bid process coordination, interest cost and reimbursement of expenditure incurred on the project by REC Power Development & Consultancy Limited (RECPDCL), wholly owned subsidiary of REC, the entire shareholding of Gadag 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 March 17, 2022 to ReNew Transmission Ventures Private Limited, the successful bidder selected through tariff-based competitive bidding process, for development of 'Transmission scheme for Solar Energy Zone in Gadag (2500 MWJ, Karnataka - Part A'.

Hence, with effect from the aforesaid date, the above project specific SPY is not a subsidiary of RECPDCL & REC.

Shares of REC Limited was last trading in BSE at Rs. 123.35 as compared to the previous close of Rs. 122.10. The total number of shares traded during the day was 200674 in over 1567 trades.

The stock hit an intraday high of Rs. 124.00 and intraday low of 122.60. The net turnover during the day was Rs. 24706502.00.

Source : Equity Bulls

Keywords

RECLimited INE020B01018 StakeTransfer GadagTransmission