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REC gets nod to transfer UTL equity shares to PGCI

19 Feb 2014 Evaluate

REC’s board of directors of at its meeting held on February 14, 2014 has approved the sale and transfer of 50,000 Equity Shares of Unchahar Transmission (UTL)  a subsidiary of company, presently held by REC Transmission Projects Company (RECTPCL) and its nominees, to Power Grid Corporation of India (PGCI) and their nominees, substantially upon the terms & conditions of the Share Purchase Agreement to be executed between the RECTPCL, UTL and Power Grid Corporation of India  for establishment of Transmission System for ATS of Unchahar TPS, subject to obtaining necessary approval from the Ministry of Power, Government of India. 

Earlier  as on October 08, 2012,  Ministry of Power (MoP), Government of India had appointed REC Transmission Projects Company (a Wholly Owned Subsidiary of REC ), as the Bid Process Coordinator for the purpose of selection of bidder as Transmission Service Provider to establish ‘Transmission System for ATS of Unchahar TPS’, through Tariff Based Competitive Bidding Process Accordingly, RECTPCL formed a project specific Special Purpose Vehicle (SPV) namely Unchahar Transmission  (UTL), as its wholly owned subsidiary Company, with Authorized and Paid up Capital of Rs 5 Lakh, divided into 50,000 Equity Shares of Rs 10 each.

In response to the Request for Proposal (RfP) for this project, RECTPCL received Financial Bids and based on the recommendations of the Bid Evaluation Committee (BEC), the Board of Directors of RECTPCL in its Meeting held on February 12, 2014 approved the name of Power Grid Corporation of India as successful Bidder for issuance of Letter of Intent (Lol) for establish ‘Transmission System for ATS of Unchahar TPS’.

Rural Electrification Corporation 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

346.90 -2.85 (-0.81%)
13-Apr-2026 16:59 View Price Chart
Peers
Company Name CMP
Power Finance Corp 433.60
REC 346.90
Indian Railway Fin. 98.97
NHIT 151.00
Satin Creditcare 162.15
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