REC Limited, through its wholly owned subsidiary REC Power Development and Consultancy Limited (RECPDCL), completed the sale and transfer of two project-specific special purpose vehicles on May 30, 2026 after receipt of consideration. The Share Purchase Agreement was executed on the same date between RECPDCL and the respective buyers.
The two subsidiaries transferred are Hampapura Power Transmission Limited and Mekhali Power Transmission Limited. RECPDCL held 50,000 equity shares in each subsidiary, which were transferred at par value together with all associated assets and liabilities.
Hampapura Power Transmission Limited was acquired by Resonia Limited for a consideration of Rs 8.61 crore, inclusive of taxes, professional fees, and expense reimbursements. Mekhali Power Transmission Limited was acquired by Dilip Buildcon Limited for Rs 8.06 crore on similar terms.
The buyers were selected through a tariff-based competitive bidding process. Neither Resonia Limited nor Dilip Buildcon belongs to the promoter or promoter group of REC, and the transactions are not classified as related party transactions. The sale is not in the nature of a slump sale, and the consideration was determined under guidelines issued by the Ministry of Power, Government of India.
With effect from May 30, 2026, the two SPVs ceased to be subsidiaries of RECPDCL and REC Limited. The contribution of these units to REC's turnover and net worth during the last financial year was negligible.
Disclaimer: This article is based on company filings submitted to the Bombay Stock Exchange (BSE) and National Stock Exchange of India (NSE) and is for informational purposes only. It does not constitute investment advice or a recommendation. Investors should conduct their own research and consult a qualified financial advisor before making investment decisions.