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REC transfers 6 SPVs to Power Grid Corporation for transmission projects

 REC Ltd on Wednesday said its wholly-owned subsidiary REC Power Development and Consultancy Ltd (RECPDCL) has handed over six special purpose vehicles to Power Grid Corporation of India Ltd. The Special Purpose Vehicles (SPVs) are mostly for construction of transmission projects in Gujarat, REC Ltd said in a statement on Wednesday. "RECPDCL has handed over 6 projects' specific SPVs mostly formed for the construction of transmission projects in Khavda region through tariff-based-competitive bidding process on March 21, 2023. Power Grid Corporation of India Limited (PGCIL) was the successful bidder for all of the 6 projects of the Ministry of Power," it said. RECPDCL was the bid process coordinator for tariff-based competitive bidding in transmission line projects. "We are putting in all possible efforts to ensure the growth of new renewable power reforms to cater to the electricity capacity of the country. Tariff-based competitive bidding for the development of transmission systems
22-03-2023
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REC Ltd - 532955 - Sale And Transfer Of 6 (Six) Wholly Owned Subsidiary Companies Of RECPDCL And Also Of REC.

 In continuation of our earlier letter dated March 10, 2023 on above cited subject, it is informed that after receipt of consideration comprising of professional fees of Bid Process Coordination, interest cost and reimbursement of expenditure incurred on the projects by REC Power Development & Consultancy Limited (RECPDCL), wholly owned subsidiaries of REC, the entire shareholding of SPVs mentioned in attached letter has been transferred at par value along with all its assets and liabilities on March 21, 2023 to M/s Power Grid Corporation of India Limited.
22-03-2023
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REC Ltd - 532955 - Board Approval For (I) Incorporation Of 2 (Two) Spvs As Wholly Owned Subsidiary Companies Of RECPDCL And (Ii) Sale And Transfer Of 7 (Seven) Wholly Owned Subsidiary Companies Of RECPDCL.

 The Board of Directors in its meeting held on March 9, 2023 inter-alia approved :- (1) Incorporation of two Project Specific Special Purpose Vehicles (SPVs), as wholly owned subsidiary companies of REC Power Development and Consultancy Limited (RECPDCL) for selection of bidder as Transmission Service Provider, through tariff based competitive bidding route; (2) Sale and transfer of 7 (seven) Project Specific SPVs to the successful bidder selected through tariff based competitive bidding route Details as per letter attached.
10-03-2023

Govt's REC to raise 1.20 lakh crore via debt instruments in FY24

 REC said, funds under the proposed borrowing programme for the financial year 2023-24 shall be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position, and prevailing market conditions.
09-03-2023
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REC Ltd - 532955 - Announcement under Regulation 30 (LODR)-Raising of Funds

 In compliance with the provisions of Regulation 30 read with Schedule III of SEBI (LODR) Regulations 2015, this is to inform that the Board of Directors of REC Limited in its meeting held on March 9, 2023, inter-alia approved the market borrowing programme under different debt instruments for financial year 2023-24. Funds under the proposed borrowing programme for the financial year 2023-24 shall be raised for different maturities, through different instruments, depending upon the actual requirement of funds, asset-liability position and prevailing market conditions.
09-03-2023
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REC Ltd - 532955 - Announcement under Regulation 30 (LODR)-Change in Directorate

 In compliance with Regulation 30 of SEBI (LODR), this is to inform that in terms of Order dated March 3, 2023, Ministry of Power (MoP), Government of India had communicated the appointment of Shri Narayanan Thirupathy as Part time Non-official Independent Director on the Board of REC Limited for a period of three years from the date of notification of appointment or until further orders, whichever is earlier. Accordingly, after compliance of applicable statutory provisions, Shri Narayanan Thirupathy (DIN 10063245) has been appointed as Part time Non-official Independent Director on the Board of REC Limited with effect from March 6, 2023. Further, it is submitted that in terms of MoP Order dated March 3, 2023, his tenure will be upto March 2, 2026 (i.e. three years from the date of notification of his appointment) or until further orders, whichever is earlier. The brief profile of Shri Narayanan Thirupathy is attached .
07-03-2023
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REC Ltd - 532955 - Board Meeting Intimation for To Consider Proposal For Approval Of Market Borrowing Programme For The Financial Year 2023-24.

 REC Ltdhas informed BSE that the meeting of the Board of Directors of the Company is scheduled on 09/03/2023 ,inter alia, to consider and approve a proposal of market borrowing programme of the Company for the financial year 2023-24.
03-03-2023
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REC Ltd - 532955 - Announcement under Regulation 30 (LODR)-Analyst / Investor Meet - Outcome

 In continuation of our earlier letter dated February 18, 2023 and pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the transcript of Analyst Meet of REC Limited held on February 17, 2023 is enclosed.
24-02-2023

REC to raise over $500 million overseas via green bonds

 While the size and coupon will be finalised depending upon investor interest, the bond could be priced at 6%, according to a bond trader. REC's $450 million green bond due 2027 is trading at a yield of 5.85%.
21-02-2023
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REC Ltd - 532955 - Intimation Under Regulation 30 Of The SEBI (Listing Obligations And Disclosure Requirements) Regulations, 2015.

 In accordance with the SEBI (LODR) Regulations, 2015, we wish to inform you that REC Limited (the 'Company') has issued the Preliminary Note Offering Circular dated February 16, 2023 in relation to proposed issuance of Notes by the Company under its existing USD 7,000,000,000 Global Medium Term Note Programme. In this regard, the Company, rated Baa3 (Stable)/BBB-(Stable) by Moody's/Fitch, has mandated Barclays Bank PLC, DBS Bank Limited, MUFG Securities Asia Limited, Standard Chartered Bank and State Bank of India, London Branch as Joint Lead Managers and Joint Book Runners to arrange a series of fixed income investor meetings and conference calls in Asia, Europe and USA commencing February 21, 2023. A benchmark sized USD denominated Rule 144A / Regulation S long-term 5-year senior green notes offering (the 'Notes'), under the Company's Global Medium Term Note Programme, may follow subject to market conditions. The Notes will be issued under REC Limited Green Finance Framework.
20-02-2023
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