REC surges as its arm incorporates wholly owned subsidiary
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REC is currently trading at Rs. 584.90, up by 19.25 points or 3.40% from its previous closing of Rs. 565.65 on the BSE.
The scrip opened at Rs. 580.05 and has touched a high and low of Rs. 593.15 and Rs. 574.65 respectively. So far 267965 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 653.90 on 12-Jul-2024 and a 52 week low of Rs. 208.05 on 08-Aug-2023.
Last one week high and low of the scrip stood at Rs. 646.50 and Rs. 563.60 respectively. The current market cap of the company is Rs. 154030.44 crore.
The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 35.16% and 12.20% respectively.
REC’s wholly owned subsidiary -- REC Power Development & Consultancy has incorporated a wholly owned subsidiary in the name of Rajasthan IV 4A Power Transmission (RECPDCL). The said company is also subsidiary company of REC, in terms of the provisions of Section 2(87) of the Companies Act, 2013. RECPDCL has been incorporated for Transmission system for evacuation of power from Rajasthan REZ Ph IV (Part-4: 3.5 GW): Part A.
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.
