REC Limited has announced a change in its Board of Directors following the cessation of a nominee director's role. The company informed both the National Stock Exchange and BSE Limited about this development through an official communication dated April 1, 2026.

Board Composition Change

The key details of the board change are outlined below:

Regulatory Compliance

REC Limited made this disclosure pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The announcement was communicated to both major stock exchanges where the company's shares are listed.

Shri Manoj Sharma was serving as a Nominee Director on REC's Board, having been nominated by Power Finance Corporation Limited. His directorship came to an end following his superannuation from PFC services on March 31, 2026, which automatically resulted in the cessation of his role as nominee director at REC.

Communication Details

The official intimation was signed by Dinesh Garg, Company Secretary and Compliance Officer of REC Limited. The communication was addressed to the listing departments of both NSE and BSE, ensuring compliance with stock exchange notification requirements for material changes in board composition.

This board change represents a routine transition following the retirement of the nominee director from the nominating organization's services, maintaining transparency in corporate governance practices.

REC Limited's Board of Directors has approved a comprehensive Market Borrowing Programme worth ₹1,60,000 crore for the financial year 2026-27. The approval came during the board meeting held on March 25, 2026, with the specific proposal approved at 10:15 a.m. after the meeting commenced at 9:30 a.m.

Board Meeting Outcome

The board meeting successfully concluded with the approval of the substantial borrowing programme under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company notified both NSE and BSE about the meeting outcome through official communication reference SEC-1/187(2)/2026/2763, signed by Dinesh Garg, Company Secretary and Compliance Officer.

Detailed Borrowing Programme Structure

The approved market borrowing programme encompasses multiple financing instruments with specific allocation limits. The comprehensive plan provides REC Limited with diverse funding options across domestic and international markets.

Comprehensive Instrument Coverage

The domestic bonds and debentures component includes infrastructure bonds, zero coupon bonds, perpetual bonds, subordinate bonds, green bonds, ESG bonds, and capital gains tax exemption bonds under section 54EC of Income Tax Act, 1961. The programme also covers external commercial borrowings including foreign currency term loans, foreign currency bonds, rupee offshore bonds, and export credit assistance.

Additional Facility Provisions

The borrowing programme includes provisions for temporary facilities with amount outstanding for short-term loans of tenure less than 6 months, cash credit, working capital demand loans, overdraft facilities, and corporate credit cards not exceeding ₹20,000 crore at any time during the year. These facilities remain separate from the main market borrowing programme limit.

Strategic Implementation Framework

Funds under the borrowing programme will be raised for different maturities through various instruments, depending upon actual fund requirements, asset-liability position, and prevailing market conditions. The implementation requires approval from competent authority as per powers delegated by the Board of Directors, ensuring proper governance and risk management in fund mobilization activities.