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REC LIMITED — M&A Activity 2023
Aug 29, 2023
59116_rns_2023-08-29_233ef4b5-f8e2-447e-8236-d764a07f2a76.pdf
M&A Activity
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आरईसी
REC
अवरोधित ऊर्जा, अधिक शक्तिशाली
Endless energy. Infinite possibilities.
REC Limited | आरईसी लिमिटेड
(भारत सरकार का उद्यम) / (A Government of India Enterprise)
Regd. Office: Core-4, SCOPE Complex, 7, Lodhi Road, New Delhi - 110003
Corporate Office: Plot No. I-4, Near IFFCO Chowk Metro Station, Sector-29, Gurugram - 122001 (Haryana)
Tel: +91 124 444 1300 | Website: www.recindia.nic.in
CIN : L40101DL1969GOI005095 | GST No.: 06AAACR4512R3Z3
G2
भारत 2023 INDIA
अमृत महोत्सव
ONE EASTS • ONE FAMILY • ONE FUTURE
SEC-1/187(2)/2023/1404
Dated: August 29, 2023
| लिस्टिंग विभाग,
नेशनल स्टॉक एक्सचेंज ऑफ इंडिया लिमिटेड
एक्सचेंज प्लाजा, बांद्रा कुर्ला कॉम्प्लेक्स,
बांद्रा (पूर्व), मुंबई - 800 045 | कॉर्पोरेट संबंध विभाग
बीएसई लिमिटेड
पहली मंजिल, फीरोज जीजीभोप टावर्स
दलाल स्ट्रीट, फोर्ट, मुंबई - 800 005 |
| --- | --- |
| स्क्रिप कोड—RECLTD | स्क्रिप कोड—532955 |
| Listing Department,
National Stock Exchange of India Limited
Exchange Plaza, Bandra Kurla Complex,
Bandra (East), Mumbai – 400 051. | Corporate Relationship Department
BSE Limited
1^{st} Floor, Phiroze Jeejeebhoy Towers
Dalal Street, Fort, Mumbai – 400 001. |
| Scrip Code—RECLTD | Scrip Code—532955 |
Sub: Approval of Board of Directors for sale and transfer of Beawar Transmission Limited, a wholly owned subsidiary of RECPDCL, to M/s Sterlite Grid 27 Limited.
Dear Sir(s),
In pursuance of Regulation 30 read with Schedule III of SEBI (LODR) Regulations, 2015, this is to inform that the Board of Directors of the Company in its meeting held on August 29, 2023 inter-alia approved the sale and transfer of the entire shareholding of Beawar Transmission Limited, presently held by REC Power Development and Consultancy Limited (RECPDCL), wholly owned subsidiary of REC, to M/s Sterlite Grid 27 Limited, the successful bidder selected through Tariff Based Competitive Bidding process. The other details relating to said transaction are as under:-
| Sl. No. | Particulars | Details | ||
|---|---|---|---|---|
| 1. | The amount and percentage of the turnover or revenue or income and net worth contributed by such unit or division of the listed entity during the last financial year. | Negligible. | ||
| 2. | Date on which the agreement for sale has been entered into. | The process for sale and transfer of the said SPV to the successful bidder(s) is expected to complete during the financial year 2023-24. | ||
| 3. | The expected date of completion of sale/disposal. | |||
| 4. | Consideration received from such sale/disposal. | |||
| 5. | Brief details of buyer and whether the buyers belong to the promoter/ promoter group/group companies. If yes, details thereof. | Sl. No. | Name of the SPV | Name of Successful Bidder |
| 1. | Beawar Transmission Limited | M/s Sterlite Grid 27 Limited | ||
| It is pertinent to mention that the successful Bidder mentioned above, does not belong to Promoter and Promoter group. |
Regional Offices: Bengaluru, Bhopal, Bhubaneswar, Chennai, Dehradun, Guwahati, Hyderabad, Jaipur, Jammu, Kolkata, Lucknow, Mumbai, Panchkula, Patna, Raipur, Ranchi, Shimla, Thiruvananthapuram & Vijaywada
State Offices : Vadodara, Varanasi
Training Centre : REC Institute of Power Management & Training (RECIPMT), Hyderabad
| 6. | Whether the transaction would fall within related party transactions? If yes, whether the same is done at "arm's length". | The transaction does not fall within the purview of related party transaction. |
|---|---|---|
| 7. | whether the sale, lease or disposal of the undertaking is outside Scheme of Arrangement? If yes, details of the same including compliance with regulation 37A of LODR Regulations. | Not Applicable |
| 8. | Whether the transaction is in the nature of Slump Sale. | The proposal for sale and transfer of the wholly-owned subsidiary of RECPDCL and REC, to the successful bidder as per details given in Point no. 5 above, is not in the nature of slump sale. |
| Further, the consideration for sale & transfer of SPVs is determined in accordance with the Guidelines issued, from time to time, by the Ministry of Power, Government of India. |
The meeting of the Board of Directors commenced at 10:00 A.M. and concluded at 3:00 P.M.
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धन्यवाद,
भवदीय,
Jyoti
Shubhra
Amitabh
(जे. एस. अमिताभ)
कार्यकारी निदेशक और कंपनी सचिव