REC Limited, a Maharatna company under the administrative control of the Ministry of Power, announced on April 6 in a communication to the stock exchanges, the transfer at par value along with all its assets and liabilities of Special Purpose Vehicle (SPV) held by its subsidiary, REC Power Development & Consultancy Limited (RECPDCL) to Meerut Shamli Power Transmission Limited.
REC also disclosed that the entire shareholding of Meerut Shamli Power Transmission Limited, comprising 50,000 equity shares, has been transferred to Megha Engineering & Infrastructures Limited.
The state-owned company said the transaction was completed on April 6.
The PSU firm said the transfer of ownership marks the conclusion of a process initiated with REC's earlier communication dated March 19, 2024.
On March 19, the REC board approved the sale and transfer of all shares of Meerut Shamli Power Transmission Limited from RECPDCL to Megha Engineering Infrastructure Limited which emerged as the successful bidder through a tariff-based competitive bidding process.
As a result of the transfer, the project-specific SPV is no longer a subsidiary of RECPDCL and REC, effective April 6.
REC was in the news last month when its board approved its overall market borrowing programme worth Rs 1.6 lakh crore for FY25.
REC, a non-banking finance company, provides financing to power infrastructure projects in the country. It meets the funding requirements through borrowings.
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