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REC LIMITED — Share Issue/Capital Change 2023
Oct 16, 2023
59116_rns_2023-10-16_03b66a27-5d2e-4b8f-915c-1fbe9b3a4945.pdf
Share Issue/Capital Change
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आरईसी
REC
आर्टीसर डाउट, अमेज यंगवसाद
Endless energy. Infinite possibilities.
REC Limited | आर ई सी 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. 1-4, 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
नमूना कुटुम्बकम
ONE EARTH • ONE FAMILY • ONE FUTURE
SEC-1/187(2)/2023/1484
Dated: October 16, 2023
| लिस्टिंग विभाग,
नेशनल स्टॉक एक्सचेंज ऑफ इंडिया लिमिटेड
एक्सचेंज प्लाजा, बांद्रा कुल्ला कॉम्प्लेक्स,
बांद्रा (पूर्व), मुंबई - 800 049 | कॉपरिट संबंध विभाग
बीएसई लिमिटेड
पहली मंजिल, फीरोज जीजीभोय टावर्स
दलाल स्ट्रीट, फोर्ट, मुंबई - 800 009 |
| --- | --- |
| 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
1st Floor, Phiroze Jeejeebhoy Towers
Dalal Street, Fort, Mumbai - 400 001. |
| Scrip Code - RECLTD | Scrip Code - 532955 |
Sub: Intimation of incorporation of subsidiary companies.
Madam/Sir(s),
In furtherance to our letter dated July 26, 2023 and pursuant to Regulation 30 read with Schedule III of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, this is to inform that Rajasthan IV H1 Power Transmission Limited, (CIN:U42202DL2023GOI421335) and Rajasthan IV E Power Transmission Limited (CIN:U42202DL2023GOI421344), have been incorporated as Wholly Owned Subsidiaries of REC Power Development & Consultancy Limited (a Wholly Owned Subsidiary of REC Limited). The said companies are also subsidiary company of REC Limited, in terms of the provisions of Section 2(87) of the Companies Act, 2013. The other requisite details are attached herewith as Annexure-1.
यह आपकी जानकारी के लिए है। This is for your kind information.
धन्यवाद,
भवदीय,
Jyoti Shubhra
Amitabh
(जे. एस. अमिताभ)
कार्यकारी निदेशक और कंपनी सचिव
संलग्न : ए / ए
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
Annexure -1
Incorporation of Wholly Owned Subsidiaries named "Rajasthan IV H1 Power Transmission Limited and Rajasthan IV E Power Transmission Limited."
| Sl. No. | Particulars | Details of subsidiary Companies | |
|---|---|---|---|
| Rajasthan IV H1 Power Transmission Limited | Rajasthan IV E Power Transmission Limited | ||
| 1. | Name of the target entity, details in brief such as size, turnover etc. | Name: Rajasthan IV H1 Power Transmission Limited | |
| Authorized Capital: ₹5,00,000/- | |||
| Paid up Capital: ₹5,00,000/- |
Turnover: Not Applicable (It is a newly incorporated company and is yet to commence its business).
Central Electricity Authority, Ministry of Power, vide letter dated July 7, 2023, inter-alia communicated the approval/recommendation of 14^{th} NCT, wherein RECPDCL has been appointed to act as Bid process Coordinator (BPC) for the purpose of selection of Bidder as Transmission system for evacuation of power from Rajasthan REZ PhIV (Part-2 :5.5 GW) (Jaisalmer/ Barmer Complex): Part H1.
In view of the above, Rajasthan IV H1 Power Transmission Limited has been incorporated on October 13, 2023 (Certificate of incorporation has been issued on October 14, 2023). After selection of the successful bidder in accordance with the TBCB guidelines, said company would be transferred to the successful bidder along with all assets & liabilities. | Name: Rajasthan IV E Power Transmission Limited
Authorized Capital: ₹5,00,000/-
Paid up Capital: ₹5,00,000/-
Turnover: Not Applicable (It is a newly incorporated company and is yet to commence its business).
Central Electricity Authority, Ministry of Power, vide letter dated July 7, 2023, inter-alia communicated the approval/recommendation of 14^{th} NCT, wherein RECPDCL has been appointed to act as Bid process Coordinator (BPC) for the purpose of selection of Bidder as Transmission system for evacuation of power from Rajasthan REZ PhIV (Part-2 :5.5 GW) (Jaisalmer/ Barmer Complex): Part E.
In view of the above, Rajasthan IV E Power Transmission Limited has been incorporated on October 14, 2023. After selection of the successful bidder in accordance with the TBCB guidelines, said company would be transferred to the successful bidder along with all assets & liabilities. |
| 2. | Whether the acquisition would fall within related party transaction(s) and whether the promoter/promoter group/ group companies have any interest in the entity being acquired?
If yes, nature of interest and details thereof and whether thesame is done at “arms length” | Rajasthan IV H1 Power Transmission Limited is a Wholly Owned Subsidiary of REC Power Development & Consultancy Limited (a Wholly Owned Subsidiary of REC Limited), therefore it is a related party of the REC Limited.
The Promoter, promoter group/ group companies do not have any interest in Rajasthan IV H1 Power Transmission Limited except to | Rajasthan IV E Power Transmission Limited is a Wholly Owned Subsidiary of REC Power Development & Consultancy Limited (a Wholly Owned Subsidiary of REC Limited), therefore it is a related party of the REC Limited.
The Promoter, promoter group/ group companies do not have any interest in Rajasthan IV E Power Transmission Limited except to |
| except to the extent of its shareholding. | the extent of its shareholding. | ||
|---|---|---|---|
| 3. | Industry to which the entity being acquired belongs | Power Sector | Power Sector |
| 4. | Objects and effects of acquisition (including but not limited to, disclosure of reasons for acquisition of target entity, if its business is outside the main line of business of the listed entity) | The company has been incorporated to develop Transmission system for evacuation of power from Rajasthan REZ PhIV (Part-2 :5.5 GW) (Jaisalmer/ Barmer Complex): Part H1. | The company has been incorporated to develop Transmission system for evacuation of power from Rajasthan REZ PhIV (Part-2 :5.5 GW) (Jaisalmer/ Barmer Complex): Part E. |
| 5. | Brief details of any governmental or regulatory approvals required for the acquisition | Incorporated pursuant to Notification dated August 29, 2023 issued by Ministry of Power, wherein REC Power Development and Consultancy Limited has been nominated as Bid Process Coordinator. | Incorporated pursuant to Notification dated August 29, 2023 issued by Ministry of Power, wherein REC Power Development and Consultancy Limited has been nominated as Bid Process Coordinator. |
| 6. | Indicative time period for completion of the acquisition | Not Applicable | Not Applicable |
| 7. | Nature of consideration - whether cash consideration or share swap and details of the same | 100% subscription to the equity share capital in cash. | 100% subscription to the equity share capital in cash. |
| 8. | Cost of acquisition or the price at which the shares are acquired | 100% subscription to the equity share capital at face value. | 100% subscription to the equity share capital at face value. |
| 9. | Percentage of shareholding / control acquired and / or number of shares acquired | 100% | 100% |
| 10. | Brief background about the entity acquired in terms of products/line of business acquired, date of incorporation, history of last 3 years turnover, country in which the acquired entity has presence and any other significant information (in brief) | REC Power Development and Consultancy Limited (RECPDCL) inter-alia acts as the “Bid Process Coordinator” for selection of Transmission Service Provider through Tariff Based Competitive Bidding (TBCB) process, for independent inter-state and intrastate transmission project assigned by the Ministry of Power and State Governments from time to time. | REC Power Development and Consultancy Limited (RECPDCL) inter-alia acts as the “Bid Process Coordinator” for selection of Transmission Service Provider through Tariff Based Competitive Bidding (TBCB) process, for independent inter-state and intrastate transmission project assigned by the Ministry of Power and State Governments from time to time. |