REC moves up on getting nod to incorporate SPV as wholly owned subsidiary of RECPDCL
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REC is currently trading at Rs. 111.90, up by 1.00 points or 0.90% from its previous closing of Rs. 110.90 on the BSE.
The scrip opened at Rs. 110.70 and has touched a high and low of Rs. 111.95 and Rs. 110.70 respectively. So far 118657 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 113.70 on 28-Nov-2022 and a 52 week low of Rs. 82.28 on 20-Jun-2022.
Last one week high and low of the scrip stood at Rs. 113.10 and Rs. 109.70 respectively. The current market cap of the company is Rs. 29334.12 crore.
The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 35.40% and 11.97% respectively.
REC has received approval from board of directors for incorporation of a project-specific special purpose vehicle (SPV), as wholly owned subsidiary of REC Power Development & Consultancy (RECPDCL), for the transmission project ‘North Eastern Region Expansion Scheme-XVI (NERES-XVI)’ to be implemented through Tariff Based Competitive Bidding (TBCB) process. The proposed Company will also be subsidiary Company of REC, in terms of the provisions of Section 2(87) of the Companies Act, 2013.
The company has also received approval for sale and transfer of MP Power Transmission Package-I held by RECPDCL to Megha Engineering & Infrastructures, the successful bidder selected through Tariff Based Competitive Bidding process. The Board of Directors of the Company in its meeting held on December 5, 2022 inter-alia approved the same.
REC is engaged in providing financial assistance to state electricity boards, state government departments and rural electric cooperatives for rural electrification projects as are sponsored by them.
