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REC’s arm sells entire stake in Ajmer Phagi Transco to Power Grid

05 Oct 2019 Evaluate

REC’s wholly owned subsidiary -- REC Transmission Projects Company (RECTPCL) has transferred entire shareholding comprising of 50,000 equity shares along with all its assets and liabilities in Ajmer Phagi Transco to Power Grid Corporation of India on October 03, 2019. Power Grid is a successful bidder selected through Tariff Based Competitive Bidding Process for ‘Construction of Ajmer (PG)-Phagi 765 kV D/Cline along with associated bays for Rajasthan SEZ’.

RECTPCL has received a consideration of Rs 10.24 crore, comprising of Rs 9.63 crore (including GST) towards Professional Fee for Bid Process Coordination, Rs 0.05 crore towards cost of acquiring 50,000 equity shares of Rs 10 each of Ajmer Phagi Transco at par value and balance amount towards reimbursement of expenditure incurred on the project by RECTPCL and interest cost etc., from the successful Bidder. Further, contribution of the aforesaid SPV to the turnover or revenue or income and net worth of REC, during the last financial year was negligible.

Hence, with effect from the aforesaid date, the above Project Specific SPV is not subsidiary of RECTPCL and REC.

REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric co-operatives for rural electrification projects as are sponsored by them.

REC Share Price

348.65 -3.45 (-0.98%)
10-Jun-2026 16:01 View Price Chart
Peers
Company Name CMP
Power Finance Corp 430.95
REC 348.65
Indian Railway Fin. 94.75
NHIT 160.00
Satin Creditcare 232.30
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