REC gains on getting nod to incorporate SPV as wholly owned subsidiary of RECPDCL

REC is currently trading at Rs. 126.20, up by 0.60 points or 0.48% from its previous closing of Rs. 125.60 on the BSE.

sensex recovers by 581 34 points
sensex recovers by 581 34 points

The scrip opened at Rs. 126.50 and has touched a high and low of Rs. 126.95 and Rs. 125.90 respectively. So far 21764 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 10 has touched a 52 week high of Rs. 168.70 on 18-Oct-2021 and a 52 week low of Rs. 116.65 on 24-Feb-2022.

Last one week high and low of the scrip stood at Rs. 126.95 and Rs. 123.50 respectively. The current market cap of the company is Rs. 24804.97 crore.

The promoters holding in the company stood at 52.63%, while Institutions and Non-Institutions held 34.79% and 12.58% respectively.

REC’s board has approved the proposal for incorporation of a project-specific special purpose vehicle (SPV), as wholly owned subsidiary of REC Power Development & Consultancy (RECPDCL), for development of inter-state transmission project at Karnataka to be implemented through tariff based competitive bidding route, allocated by Ministry of Power, Government of India.

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 Board of Directors of the company in its meeting held on March 21, 2022, has 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.

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