REC Ltd proposes to raise funds, strike-off SPV Rajgarh III Power Transmission
The Company proposes to raise funds through Private Placement of Unsecured / Secured Non-Convertible Bonds / Debentures of upto Rs 1,55,000 crore, subject to the approval of shareholders in the ensuing Annual General Meeting ("AGM").
The Board of Directors of REC Ltd has in its Board Meeting held on June 4, 2025 announced the outcome as follows:
The Company proposes to raise funds through Private Placement of Unsecured / Secured Non-Convertible Bonds / Debentures of upto Rs 1,55,000 crore, subject to the approval of shareholders in the ensuing Annual General Meeting ("AGM").
The funds will be raised, in one or more tranches, during a period of one year from the date of passing of resolution by the shareholders, with the approval of Competent Authority.
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Further, the board issues proposal for striking-off a SPY namely Rajgarh Ill Power Transmission Limited, which is a wholly owned subsidiary of REC Power Development and Consultancy Limited ("RECPDCL" - a wholly owned subsidiary of REC), subject to requisite clearances of Statutory / Administrative Authorities, wherever required.
The said company is also subsidiary company of REC, in terms of the provisions of Section 2(87) of the Companies Act, 2013.
National Committee on Transmission (NCT) had recommended RECPDCL as the Bid Process Coordinator for selection of Transmission Service Provider for the Interstate transmission project namely, "Transmission system of Power from RE Projects in Rajgarh (1500 MW) SEZ in Madhya Pradesh - Phase III" .
As per Tariff Based Competitive Bidding (TBCB) guidelines, RECPDCL incorporated a SPV company namely "Rajgarh III Power Transmission Limited for carrying out the bid process.
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In view of the above, the said SPV is proposed to be strike off subject to requisite clearances/ concurrences/ approvals of Statutory/ Administrative Authorities, wherever required, the exchange filing stated.
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