REC Limited has announced a change in its senior management structure with the cessation of Executive Director Shri Dharmendra Nagpal due to superannuation. The company informed both NSE and BSE about this development through a regulatory filing dated March 1, 2026.

Management Change Details

The cessation was disclosed under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The change affects a senior management position at one level below the Board of Directors.

Regulatory Compliance

The disclosure was made in accordance with mandatory reporting requirements for listed companies. Company Secretary and Compliance Officer Dinesh Garg signed the regulatory communication, which was digitally authenticated on March 1, 2026, at 11:33:39 +05'30'.

The filing was simultaneously submitted to both major Indian stock exchanges - the National Stock Exchange of India Limited and BSE Limited - ensuring comprehensive market disclosure of the management change.

Corporate Communication

REC Limited's communication was structured as per standard regulatory format, providing essential details about the management transition. The company noted that brief profile details and disclosure of relationships between directors were marked as "Not Applicable" for this particular cessation.

The announcement represents part of the company's ongoing compliance with transparency requirements for publicly listed entities in the Indian capital markets.

REC Limited has completed the sale and transfer of its project-specific subsidiary Umred Power Transmission Limited to Maharashtra State Electricity Transmission Company Limited (MSETCL). The transaction was executed through the Tariff-Based Competitive Bidding (TBCB) method in compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Transaction Overview

The sale was completed through REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC Limited. RECPDCL transferred its entire shareholding comprising 50,000 equity shares in Umred Power Transmission Limited at par value, along with all assets and liabilities of the company.

Financial Details

The total consideration for the acquisition amounts to ₹2.34 crore (₹2,34,28,481), which is inclusive of professional fees, reimbursement of expenses and taxes. The Share Purchase Agreement (SPA) was executed between RECPDCL and the successful bidder following the competitive bidding process.

Bidding Process and Compliance

Maharashtra State Electricity Transmission Company Limited was selected as the successful bidder through a tariff-based competitive bidding process. The company has confirmed that MSETCL does not belong to the promoter or promoter group, ensuring the transaction remains at arm's length.

Impact on Corporate Structure

Following the completion of this transaction, Umred Power Transmission Limited is no longer a subsidiary of RECPDCL or REC Limited. The subsidiary had contributed negligible amounts to the turnover, revenue, income and net worth of REC Limited during the last financial year. The consideration for the sale and transfer was determined in accordance with guidelines issued by the Ministry of Power, Government of India.