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Time of India

REC shares in focus amid Rs 1.55 lakh cr fundraise plans, SPV strike off

Shares of REC Ltd are likely to be in focus on Thursday after the company's Board of Directors, in a meeting held on June 4, approved a Rs 1.55 lakh crore fundraising plan and the striking off of a project-specific subsidiary. Here are the details: Rs 1.55 lakh crore fundraising plan The board of REC on Wednesday gave a green signal to raise funds of up to Rs 1.55 lakh crore through the private placement of unsecured/secured non-convertible bonds or debentures. The fundraising is subject to shareholder approval at the upcoming Annual General Meeting (AGM) and will be executed in one or more tranches over a one-year period following the AGM resolution, pending approval from competent authorities. SPV strike-off: Rajgarh III Power Transmission Ltd Live Events In another key development, REC also approved the proposal to strike off Rajgarh III Power Transmission Ltd, a wholly owned subsidiary of REC Power Development and Consultancy Limited (RECPDCL). This SPV was originally created under the Tariff-Based Competitive Bidding (TBCB) mechanism to execute the 'Transmission system for Evacuation of Power from RE Projects in Rajgarh (1500 MW) SEZ in Madhya Pradesh - Phase III'. However, following a recommendation from the National Committee on Transmission (NCT) to merge the project with another transmission scheme, the Ministry of Power de-notified the project via an official communication dated March 18, 2025. In response, REC has decided to dissolve the SPV, subject to the necessary statutory and administrative approvals. Also read: Stock Radar: Bharat Forge stock showing signs of bottoming out after over 30% fall from highs; time to buy? REC share price performance As per the BSE Analytics data, REC's stock has declined 11.39% over the past 1 year. On a year-to-date (YTD) basis, the stock is down by 20.67%, while over the last 6 months, it has fallen by 26.25%. In contrast, the stock has gained 3.64% in the last 3 months, but recorded a 4.51% decline over the past 1 month. On Wednesday, the shares of REC closed flat at Rs 400.95 on the BSE. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)