Entire stake in two project-specific SPVs transferred to successful bidders after consideration received

REC Ltd's wholly owned subsidiary RECPDCL, after receiving consideration, transferred its entire holding of 50,000 equity shares in each of two project SPVs, along with assets and liabilities.

Mon 12 Oct 2026

Consideration received for Jam Khambhaliya Jamnagar Power…

₹ 8,39,86,174

Consideration received for Lakadia II Power Transmission Ltd

₹ 8,42,62,593

Equity shares transferred in each SPV

50,000 equity shares

What the company informed

REC Ltd informed the stock exchanges that its wholly owned subsidiary, REC Power Development and Consultancy Limited (RECPDCL), has sold and transferred its entire shareholding in two project specific SPVs — Jam Khambhaliya Jamnagar Power Transmission Limited and Lakadia II Power Transmission Limited.

The entire shareholding of each subsidiary comprised 50,000 equity shares, held by RECPDCL. The transfer, along with all assets and liabilities, was completed on October 12, 2026 — this was after the necessary consideration was received by RECPDCL. With effect from that date, both project specific SPVs are not subsidiaries of RECPDCL and REC Ltd.

The buyers

• Jam Khambhaliya Jamnagar Power Transmission Limited sold to Ceigall India Limited
• Lakadia II Power Transmission Limited sold to Power Grid Corporation of India Limited
• The update states that neither successful bidder belongs to the promoter or promoter group, and that the transactions do not fall within the purview of related party transactions.
• The bidders were selected through a tariff based competitive bidding process.

Consideration received

• Jam Khambhaliya Jamnagar Power Transmission Limited: ₹ 8,39,86,174 (including taxes), which is inclusive of professional fee and reimbursement of expenses.
• Lakadia II Power Transmission Limited: ₹ 8,42,62,593 (including taxes), which is inclusive of professional fee and reimbursement of expenses.

Other details given

• The Share Purchase Agreement (SPA) for each sale was executed between RECPDCL and the successful bidder on October 12, 2026, which is also the expected date of completion of the sale.
• Neither transaction is in the nature of a slump sale.
• The consideration for the sale and transfer of each SPV is determined in accordance with guidelines issued from time to time by the Ministry of Power, Government of India.
• The amount and percentage of turnover, revenue or income and net worth contributed by these units in the last financial year is stated as negligible.

How to read this

The update describes these as project specific SPVs, and states that their contribution to turnover, revenue or income and net worth of the listed entity was negligible in the last financial year. The transfer marks the completion of a sale process run through competitive bidding, and the money received against it is the consideration stated above.

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