REC has completed the sale and transfer of its subsidiary, Balsane Power Transmission Limited, to Resonia Limited. The transaction was executed on September 28, 2026, for a consideration of ₹5.59 crore.

Transaction details

The deal involves the transfer of the entire shareholding of Balsane Power Transmission Limited, comprising 50,000 equity shares. The seller was REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC. With the receipt of necessary consideration, the project-specific special purpose vehicle (SPV) ceases to be a subsidiary of both RECPDCL and REC.

The following table summarises the key parameters of the transfer:

The consideration of ₹5,59,19,024 is inclusive of taxes, professional fees, and reimbursement of expenses. The successful bidder was selected through a tariff-based competitive bidding process. The Share Purchase Agreement (SPA) was executed between RECPDCL and Resonia Limited on September 28, 2026.

Regulatory and structural implications

The transaction does not fall within the purview of related party transactions, as Resonia Limited does not belong to the promoter or promoter group. Furthermore, the sale is not in the nature of a slump sale. The consideration was determined in accordance with guidelines issued by the Ministry of Power, Government of India.

The contribution of Balsane Power Transmission Limited to the turnover, revenue, income, and net worth of the listed entity during the last financial year was reported as negligible. Consequently, the disposal does not materially impact REC's financial statements. The SPV has been transferred along with all its assets and liabilities.

REC Limited announced that Dr. Anil Kumar Gupta and Dr. Kanchiappan Ghayathri Devi ceased to be Part-time Non-Official (Independent) Directors with effect from September 22, 2026.

The cessation follows the completion of their three-month tenure, which commenced on June 22, 2026, pursuant to an order issued by the Ministry of Power, Government of India. The appointment was valid for a period of three months or until further orders, whichever was earlier.

Regulatory filing details

The company submitted this intimation to the National Stock Exchange of India Limited and BSE Limited in compliance with Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure confirms that the tenure ended on September 21, 2026, leading to the immediate cessation of their directorship roles the following day.

Governance context

The appointments were made by the Government of India through the Ministry of Power. The order specified the duration as three months from June 22, 2026. As no further orders were issued to extend this period, the statutory requirement for cessation was triggered automatically upon the expiry of the term.