REC To Raise Up To Rs 1.55 Lakh Crore Via NCDs, Strike Off Rajgarh III Project SPV
REC Ltd. has announced plans to raise up to Rs 1.55 lakh crore through private placement of unsecured or secured non-convertible debentures over the next year, pending shareholder approval at the upcoming annual general meeting. The funds will be mobilised in one or more tranches, with final clearances resting with the Competent Authority, according to the exchange filing on Wednesday.
Additionally, the company has decided to strike off its project-specific subsidiary, Rajgarh III Power Transmission Ltd., subject to approvals from relevant authorities. The subsidiary, a wholly owned arm of REC Power Development and Consultancy Ltd., was originally set up to execute the 1500 MW power evacuation project in Rajgarh, Madhya Pradesh, as part of the government's transmission development plans.
The project had been identified by the National Committee on Transmission, with RECPDCL acting as the bid process coordinator. However, following the decision to club the Rajgarh Phase III project with another initiative, the Ministry of Power de-notified the project on March 18, 2025. As a result, REC has decided to wind down the SPV.
Earlier on May 30, REC had informed exchanges that it had transferred the entire shareholding of WRNES Talegaon Power Transmission Ltd. to Adani Energy Solutions Ltd., the successful bidder selected through a tariff-based competitive bidding process. The shareholding transfer, comprising 50,000 equity shares along with all assets and liabilities, was completed at par value on May 30, 2025. REC Power Development and Consultancy Ltd. and Adani Energy Solutions Ltd. executed the Share Purchase Agreement the same day.
The consideration for the transaction included a professional fee of Rs 14.55 crore and reimbursement of expenses, in line with guidelines issued by the Ministry of Power. REC has clarified that the sale of WRNES Talegaon Power Transmission Ltd. is not a slump sale.
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