REC Limited has announced a change in its Board of Directors, with the appointment of Shri Rajesh Kumar Agarwal (DIN: 09699001), Director (Finance) of Power Finance Corporation Limited (PFC), as Nominee Director of PFC on the Board of REC, effective May 1, 2026. The disclosure was made pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Appointment Details

The Ministry of Power, Government of India, conveyed the approval of the Competent Authority for this nomination vide its Office Order No. F.No. 27-46/1/2018-Office of KKM (DIR) dated May 6, 2026. The appointment is rooted in Clause 5.1 of the Share Purchase Agreement dated March 20, 2019, executed between the President of India and PFC. The key details of the appointment are summarised below:

Shri Agarwal has confirmed, via declaration, that he is not debarred from holding the office of Director by virtue of any SEBI order or any other such authority.

Profile of Shri Rajesh Kumar Agarwal

Shri Rajesh Kumar Agarwal brings a distinguished career spanning over 31 years in the power and financial sectors. He holds a Bachelor's degree in Commerce (Honours) and is a Member of the Institute of Cost Accountants of India.

Since joining PFC in 2009, he has managed various cross-functional teams and gained diversified experience across several key domains:

• Corporate Accounts and Taxation
• Fund Management and Banking
• Lending Policy Compliance
• Restructured Assets Management
• Fund Raisings and Loan Disbursement

He has been instrumental in spearheading digital reforms and has worked extensively towards excellence in financial reporting. He is also recognised as a speaker at various professional forums.

Prior to joining PFC, Shri Agarwal held roles at other prominent power sector organisations, including NTPC, NPCIL, and DTL, where he handled core finance functions along with areas such as Tariff Matters, PPA Negotiations, and implementation of Ahluwalia Committee Reforms in the power sector.

Regulatory Compliance

The intimation was submitted to both the National Stock Exchange of India Limited and BSE Limited in accordance with applicable SEBI listing regulations. The communication was signed by Dinesh Garg, Company Secretary and Compliance Officer of REC Limited, dated May 7, 2026.

REC Limited has formally notified stock exchanges regarding the cessation of Smt. Saraswathi as Executive Director due to superannuation, effective May 1, 2026. The company filed the regulatory disclosure with both the National Stock Exchange of India Limited and BSE Limited under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The official communication was issued through document reference SEC-1/187(2)/2026/2820, dated May 1, 2026, and was digitally signed by Dinesh Garg, Company Secretary & Compliance Officer, at 13:56:25 +05'30' on the same date.

Executive Change Details

The regulatory filing provided comprehensive information about the senior management transition:

Regulatory Compliance

The notification was addressed to the Listing Department of NSE and the Corporate Relationship Department of BSE, with REC Limited's scrip codes identified as RECLTD on NSE and 532955 on BSE. The company confirmed that this change occurred at the senior management level, defined as one level below the Board of Directors.

The cessation became effective immediately on May 1, 2026, coinciding with the date of regulatory intimation. The filing was submitted in both Hindi and English, demonstrating the company's commitment to comprehensive stakeholder communication and regulatory compliance.