REC Limited , through its wholly owned subsidiary REC Power Development and Consultancy Limited (RECPDCL), has incorporated three new power transmission companies as wholly owned subsidiaries, pursuant to Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The development was disclosed via an intimation dated May 9, 2026. All three entities are also subsidiary companies of REC Limited in terms of Section 2(87) of the Companies Act, 2013.

Three New Subsidiaries Incorporated

The three newly incorporated companies, along with their respective Corporate Identification Numbers (CINs), are:

• Bhadla Ramgarh Power Transmission Limited (CIN: U42202DL2026GOI466318) — incorporated on May 8, 2026
• Lakadia II Power Transmission Limited (CIN: U42202DL2026GOI466344) — incorporated on May 9, 2026
• Jam Khambhaliya Jamnagar Power Transmission Limited (CIN: U42202DL2026GOI466346) — incorporated on May 9, 2026

Each of these companies has been incorporated with an authorized capital and paid-up capital of ₹5,00,000 each. As newly incorporated entities yet to commence business, turnover figures are not applicable for any of the three companies.

Key Details of the Newly Incorporated Entities

The following table summarizes the key parameters for each of the three newly incorporated subsidiaries:

Project Mandates and Regulatory Background

All three incorporations follow a Gazette Notification dated February 12, 2026, issued by the Ministry of Power, Government of India, which allocated inter-state transmission projects and nominated RECPDCL as the Bid Process Coordinator (BPC) for the selection of transmission service providers through the Tariff Based Competitive Bidding (TBCB) process.

The specific mandate for each company is as follows:

• Bhadla Ramgarh Power Transmission Limited: Incorporated for Augmentation at Bhadla-III, Ramgarh PS and Kanpur (PG).
• Lakadia II Power Transmission Limited: Incorporated for the Transmission system for Integration of Power from RE Projects in Lakadia REZ in Gujarat — Phase II (7500 MW).
• Jam Khambhaliya Jamnagar Power Transmission Limited: Incorporated for the Common Transmission System for evacuation of power from Lakadia (Phase-II: 7.5 GW), Jam Khambhaliya (Phase-II: 5.5 GW) and Jamnagar (Phase-I: 1GW) — Part-B.

Transfer Upon Bidder Selection

In accordance with the TBCB guidelines, each of the three newly incorporated companies will be transferred to the successful bidder — along with all assets and liabilities — upon completion of the bidder selection process. RECPDCL acts as BPC for the selection of the Transmission Service Provider for independent inter-state and intra-state transmission projects assigned by the Ministry of Power and State Governments from time to time.

Related Party Disclosure

Since all three companies are wholly owned subsidiaries of RECPDCL, they are classified as related parties of REC Limited. However, the promoter, promoter group, and group companies do not have any interest in these entities beyond the extent of their respective shareholdings. The indicative time period for completion of the acquisition has been noted as not applicable for all three entities.

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.