REC Limited has announced a significant leadership change with the appointment of Shri Rajesh Kumar as Director (Finance), marking a strategic move to strengthen the company's financial leadership. The appointment, effective April 2, 2026, comes through an official order from the Ministry of Power and represents a promotion for Kumar from his previous role as Executive Director (Finance).

Appointment Details and Transition

The Ministry of Power issued Office Order No. F. No. 27-46/5/2025-REC DESK on April 2, 2026, formally appointing Kumar to the director position. The appointment carries a five-year term, effective from the date of assumption of charge or until further orders, whichever occurs earlier.

With Kumar's appointment, the additional charge of Director (Finance) responsibilities previously handled by CMD Jitendra Srivastava has ceased effective April 2, 2026. This transition allows the CMD to focus on core leadership duties while establishing dedicated financial leadership under Kumar's direction.

Professional Background and Qualifications

Kumar brings extensive experience spanning over 30 years in finance and accounting domains. His educational foundation includes a Bachelor's degree in Commerce from Shri Ram College of Commerce, Delhi University, complemented by dual professional certifications as a Chartered Accountant (CA) and Cost & Management Accountant (CMA).

His career trajectory encompasses:

• Initial Experience: Decade-long tenure with a CPSE engaged in engineering and project consultancy
• REC Tenure: Over 20 years of dedicated service developing expertise in power sector financing
• Leadership Role: Service as Chief Executive Officer of REC Power Development and Consultancy Limited (RECPDCL)

Key Contributions and Expertise Areas

During his tenure at REC, Kumar has demonstrated exceptional leadership across multiple financial domains. His contributions include transforming the company's domestic resource mobilization strategy through innovative financial instruments and structures.

Major Achievements:

• Introduction of Tax-Efficient Hybrid Bonds
• Implementation of Perpetual Bonds with AAA rating
• Development of CBDT-notified Zero Coupon Bonds
• Launch of Capital Gain Bonds
• Expansion of investor base and reduction in borrowing costs

Core Expertise Areas:

• Accounts, taxation, and audit management
• Treasury operations and project appraisals
• Regulatory compliance and multilateral funding
• Asset Liability Management and ESG projects
• IT transformation initiatives

Regulatory Compliance and Declaration

As per regulatory requirements under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, Kumar has provided necessary declarations confirming his eligibility for the director position. He has declared that he is not debarred from holding directorship by any SEBI order or other regulatory authority.

The appointment aligns with REC's governance framework as a Maharatna company under the Government of India, ensuring continued compliance with regulatory standards and corporate governance practices. This leadership change positions REC to leverage Kumar's extensive financial expertise for future growth and strategic initiatives in the power sector financing domain.

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.