REC Power Development and Consultancy Limited (RECPDCL), a subsidiary of REC Limited, has successfully completed the sale of its entire 50,000 equity shareholding in Bellary Davanagere Power Transmission Limited. The transfer, including all assets and liabilities, was finalized on February 12, 2026, to the successful bidder selected via competitive bidding. The total consideration received amounted to ₹13,02,26,267.00/-.
Completion of Project SPV Transfer
REC Limited hereby announces the finalization of the sale and transfer of its project-specific Subsidiary/SPV, Bellary Davanagere Power Transmission Limited. The transaction was executed by REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited.
Key Transaction Details
On February 12, 2026, the entire shareholding of 50,000 equity shares, along with all associated assets and liabilities, was transferred at par value to the successful bidder selected through the tariff-based competitive bidding process.
- Name of SPV Sold: Bellary Davanagere Power Transmission Limited.
- Name of Successful Bidder: Power Grid Corporation of India Limited.
- Transfer Agreement Date: The Share Purchase Agreement (SPA) was executed on February 12, 2026.
- Consideration Received: The total consideration amounted to ₹13,02,26,267.00/- (inclusive of taxes, professional fees, and expense reimbursement).
- Nature of Sale: The transfer is not in the nature of a Slump Sale.
Divestment Rationale and Compliance
The sale aligns with guidelines issued by the Ministry of Power, Government of India. It is confirmed that the successful bidder does not belong to the Promoter or Promoter group of REC Limited. Furthermore, the transaction is confirmed not to fall within the purview of related party transactions.
The contribution of this unit to the turnover, revenue, or net worth of the listed entity during the last financial year was deemed Negligible.
Consequently, effective from February 12, 2026, Bellary Davanagere Power Transmission Limited is no longer a subsidiary of RECPDCL or REC Limited.
Source: BSE
