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Business Standard
3 days ago
- Business
- Business Standard
REC intimates on Subsidiary incorporation
REC has announced that Rajgarh Neemuch Power Transmission Limited has been incorporated as Wholly Owned Subsidiary of REC Power Development and Consultancy Limited (HRECPDCL"- a Wholly Owned Subsidiary of REC Limited). The said company is also subsidiary company of REC Limited, in terms of the provisions of Section 2(87) of the Companies Act, 20l3 .Powered by Capital Market - Live News
Time of India
05-06-2025
- Business
- Time of India
REC gets CBDT nod to issue ₹5,000 crore Zero Coupon Bonds
New Delhi: REC Limited , a Maharatna Central Public Sector Enterprise under the Ministry of Power, has received approval from the Central Board of Direct Taxes (CBDT) to issue Zero Coupon Bonds (ZCBs) aggregating ₹5,000 crore. The bonds will have a tenure of ten years and six months. According to a notification dated May 30, 2025, issued by the Department of Revenue, Ministry of Finance, the approval allows REC to issue five lakh ZCBs. These instruments will be issued at a deep discount and redeemed at face value upon maturity, offering tax advantages to investors under the Income-tax Act, 1961. In FY 2024–25, REC had issued CBDT-notified ZCBs worth ₹5,000 crore, which received subscription nearly seven times the offered amount. That issue was priced at a yield of 6.25 per cent, approximately 100 basis points lower than the prevailing market rates . "The success of the previous issue enabled REC to tap into a new segment of investors while further diversifying its funding sources at competitive rates," the company stated. REC, which functions as a leading non-banking financial company (NBFC), said it remains committed to exploring innovative financial instruments for efficient fund mobilisation to support India's growing energy infrastructure .
Business Upturn
04-06-2025
- Business
- Business Upturn
REC board approves fundraise of Rs 1.55 lakh crore via bonds; to strike off Rajgarh III Power Transmission subsidiary
By Aditya Bhagchandani Published on June 4, 2025, 16:05 IST REC Limited's board, in a meeting held on June 4, approved a significant fundraising proposal and a strategic corporate cleanup move. The company announced plans to raise up to Rs 1,55,000 crore through the private placement of unsecured or secured non-convertible bonds/debentures. This capital raise will be carried out in one or more tranches over a period of one year, subject to shareholder approval at the upcoming Annual General Meeting. The board also approved the proposal to strike off one of its project-specific subsidiaries — Rajgarh III Power Transmission Limited. The subsidiary, incorporated by REC Power Development and Consultancy Limited (RECPDCL) for a transmission project in Madhya Pradesh, is now being dissolved following a de-notification of the project by the Ministry of Power. The move follows a recommendation by the National Committee on Transmission (NCT) to club the project with another, rendering the special purpose vehicle redundant. The company clarified that the strike-off is subject to necessary statutory and administrative clearances. The Board meeting commenced at 2:00 PM and concluded at 3:40 PM. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
Hindustan Times
01-05-2025
- Business
- Hindustan Times
CSR spend for sport gets a bump up
Mumbai: Corporate entities investing in promoting sports and building sporting infrastructure through Corporate Social Responsibility (CSR) funding has seen a spike in recent years, according to data released by the Ministry of Corporate Affairs. According to the latest data published on its website, 1200 companies spent a combined ₹526.14 crore in 2022-23 towards promoting sports through CSR investments, nearly double compared to the previous financial year ( ₹291.75 crore). A decade ago in the 2014-15, that figure was a little over ₹55 crore. Earlier this year during a first-of-its-kind corporate roundtable, sports minister Mansukh Mandaviya stressed upon the importance of corporate support in building sports infrastructure and talent development programs as India makes a push to host the 2036 Olympics. The minister also proposed a model where a corporate entity adopts a particular sport. 'Each corporate entity should focus on a single sport to ensure dedicated attention and optimal resource allocation, while also enabling effective athlete branding to align with CSR investments and promotional activities,' Mandaviya said. Among the biggest contributors on sports from the ₹526.14 crore pot through 2022-23 were Reliance Industries Limited ( ₹56.31 crore), Rungta Sons Private Limited ( ₹35.63), REC Limited ( ₹30.5), Tata Steel Limited ( ₹26.93) and Kotak Mahindra Bank Limited ( ₹13.08). CSR regulations mandate companies to spend at least two percent of their net profits from the preceding three financial years on CSR activities. Of the 36 states and union territories from where the money came in, Maharashtra topped the charts ( ₹68.29 crore) followed by Odisha ( ₹51.28), Karnataka ( ₹44.27), Delhi ( ₹41.57) and Tamil Nadu ( ₹28.45). Some companies in the list of spenders are also more directly involved in the country's sporting ecosystem. Reliance, for example, has a CSR arm through which it runs various programs ranging from the Reliance Foundation Youth Sports at the school and college level and the Reliance Foundation Olympic Program that supports some of India's elite athletes. JSW, through JSW Sports, also supports a range of top athletes across Olympic and other sports including two-time Olympic medallist Neeraj Chopra. Beyond the corporate entities, some of the country's most prominent non-profit foundations that specialise in spotting and recruiting young talent and providing support to elite athletes also rely on CSR partnerships for funding. According to the data, while Reliance has detailed its ₹56.31 crore spend to 'promoting grassroot sports' pan India, Rungta Sons Pvt Ltd, a mining company registered in Kolkata, has directed its money for sporting projects in Odisha and Jharkhand. REC Limited spent ₹25 crore towards promotion of sports in Delhi and ₹5.5 crore for 'construction of Rec motorsports race track and sports complex' in Mizoram. Tata Steel has spent a large chunk of money for running sports centres across the country, and a small percentage of its CSR pie is also kept for promoting tribal sports. Kotak Mahindra's ₹13.08 crore expenditure is split between two well-known training centres in the country -- Inspire Institute of Sport in Himachal Pradesh's Sirmaur and the Pullela Gopichand Badminton Academy in Hyderabad. However, while the data points to a considerable shot in the arm for supporting and promoting sports through the CSR route, sports continues to remain only a small piece of the overall cake. Reliance Industries Limited had a total CSR spend of ₹743.4 crore through the 2022-23 financial year, of which ₹56.31 crore was directed towards sports. That's less than 10 percent of the total expenditure. Data of Tata Steel Limited and REC Limited presents a similar picture. Sports ( ₹26.93) makes up for a fraction of Tata Steel's overall CSR spending of ₹475.11 crore, which is slightly higher in the case of REC Limited ( ₹30.5 for sports of the total expenditure of ₹204.31 crore). From Rungta Sons' total CSR spend of ₹88.08 crore, a little over half went towards promoting education, followed by sports.
