REC Subsidiary Sells Project SPV in Share Transfer Deal
REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited, has successfully transferred the entire shareholding of Vizag Power Transmission Limited. The project specific entity was sold through a tariff based competitive bidding process on August 14, 2026.
The transaction involved RECPDCL transferring all assets and liabilities associated with Vizag Power Transmission Limited to a successful bidder. This completed the sale of the 50,000 equity shares held by RECPDCL in the project specific SPV. Following this transfer, Vizag Power Transmission Limited is no longer considered a subsidiary of REC Limited or RECPDCL.
The successful buyer in the deal was Adani Energy Solutions Limited, which acquired the company. The transaction details highlight that the sale did not fall within the purview of related party transactions and that the entity's turnover during the last financial year was negligible.
Key details regarding the sale and transfer of the subsidiary are as follows:
| Particulars | Details |
|---|---|
| Name of SPV | Vizag Power Transmission Limited |
| Successful Bidder Name | Adani Energy Solutions Limited |
| Bidder Relation to Promoter Group | The successful bidder does not belong to the Promoter and Promoter group. |
| Consideration Received | HS,65,97,Oll/- (including taxes), which covers professional fees and reimbursement of expenses. |
| Nature of Transaction | Not a slump sale; determined in accordance with guidelines from the Ministry of Power, Government of India. |
The agreement for the share purchase was executed between RECPDCL and Adani Energy Solutions Limited on August 14, 2026.
RECLTD Stock Price Movement
REC Limited shares slipped on Friday, shedding 2.88% or ₹9.95 and settling at a closing price of ₹335. The stock saw trading activity amounting to 7.30 million shares throughout the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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