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Business Standard
05-06-2025
- Business
- Business Standard
REC shares rise after board approves fundraising up to ₹1.55 lakh via bonds
REC share price gained 2.1 per cent in trade on Thursday, June 5, 2025, logging a day's high at ₹409.7 per share on BSE. The stock advanced after the company's board approved to raise up to ₹1,55,000 crore via bonds and struck off a project specific special purpose vehicle (SPV) named Rajgarh III Power Transmission. At 10:33 AM, REC shares were trading 0.74 per cent higher at ₹403.9 per share on the BSE. In comparison, the BSE Sensex was up 0.41 per cent at 81,332.28. The market capitalisation of the company stood at ₹1,06,355.92 crore. The 52-week high of the stock was at ₹653.9 per share and the 52-week low of the stock was at ₹357.45 per share. Catch Stock Market Updates Today LIVE REC fundraising details State-owned company's board on Wednesday, June 4, 2025, approved the proposal to raise funds via bonds. "Proposal of raising of funds through Private Placement of Unsecured / Secured Non-Convertible Bonds / Debentures of up to ₹1,55,000 crore, subject to the approval of shareholders in the ensuing Annual General Meeting ("AGM"). The funds will be raised, in one or more tranches, during a period of one year from the date of passing of resolution by the shareholders, with the approval of Competent Authority," the filing read. Why strike off SPV? The National Committee on Transmission (NCT) had recommended RECPDCL for selection of the Transmission Service division for the interstate transmission project namely, "Transmission system for Evacuation of Power from RE Projects in Rajgarh (1500 MW) SEZ in Madhya Pradesh - Phase III" According to Tariff-Based Competitive Bidding (TBCB) guidelines, RECPDCL incorporated an SPV company to carry out the bid process. Subsequently, the NCT has recommended clubbing the said project with another project. Accordingly, the Ministry of Power de-notified the project Rajgarh Phase III (1500 MW) project vide notification dated March 18, 2025. In view of the above, the said SPV is proposed to be strike off subject to requisite clearances/ concurrences/ approvals of Statutory/ Administrative Authorities, wherever required.
Time of India
05-06-2025
- Business
- Time of India
Power Grid shares in focus on Rs 8.53 crore acquisition of MEL Power Transmission
Power Grid Corporation of India (Power Grid) will be in the spotlight on Thursday, June 5, after the company announced the acquisition of MEL Power Transmission Ltd (MPTL), a project-specific special purpose vehicle (SPV), under the Tariff-Based Competitive Bidding (TBCB) route. The acquisition transaction involved a 100% equity takeover of MPTL. Power Grid acquired the SPV for a total consideration of approximately Rs 8.53 crore. The acquisition cost also accounts for the assets and liabilities of MPTL as on the acquisition date. However, the final purchase consideration remains subject to adjustment based on MPTL's audited financials. The acquisition was completed on June 4. According to the regulatory filing, Power Grid acquired MPTL according to its selection as the successful bidder by the Bid Process Coordinator, PFC Consulting Ltd (PFCCL). The SPV was established for the implementation of the 'Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh' on a build, own, operate, and transfer (BOOT) basis. The project's scope includes the development of a 400kV double-circuit (D/C) transmission line and the associated infrastructure at the Rewa (PG) substation, located in the state of Madhya Pradesh. MPTL was incorporated on November 19, 2024, by PFCCL and was created following the government's notification of the TBCB framework aimed at facilitating private sector participation and ensuring transparency in project allocation. Before this deal, neither Power Grid nor its promoter group held any interest in MPTL, the company informed. The shares of Power Grid closed flat at Rs 288.60 on the BSE on Wednesday. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Economic Times
05-06-2025
- Business
- Economic Times
Power Grid shares in focus on Rs 8.53 crore acquisition of MEL Power Transmission
Power Grid Corporation of India (Power Grid) will be in the spotlight on Thursday, June 5, after the company announced the acquisition of MEL Power Transmission Ltd (MPTL), a project-specific special purpose vehicle (SPV), under the Tariff-Based Competitive Bidding (TBCB) route. ADVERTISEMENT The acquisition transaction involved a 100% equity takeover of MPTL. Power Grid acquired the SPV for a total consideration of approximately Rs 8.53 crore. The acquisition cost also accounts for the assets and liabilities of MPTL as on the acquisition date. However, the final purchase consideration remains subject to adjustment based on MPTL's audited financials. The acquisition was completed on June to the regulatory filing, Power Grid acquired MPTL according to its selection as the successful bidder by the Bid Process Coordinator, PFC Consulting Ltd (PFCCL). The SPV was established for the implementation of the 'Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh' on a build, own, operate, and transfer (BOOT) project's scope includes the development of a 400kV double-circuit (D/C) transmission line and the associated infrastructure at the Rewa (PG) substation, located in the state of Madhya Pradesh. ADVERTISEMENT MPTL was incorporated on November 19, 2024, by PFCCL and was created following the government's notification of the TBCB framework aimed at facilitating private sector participation and ensuring transparency in project allocation. Before this deal, neither Power Grid nor its promoter group held any interest in MPTL, the company informed. ADVERTISEMENT The shares of Power Grid closed flat at Rs 288.60 on the BSE on Wednesday. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times) ADVERTISEMENT (You can now subscribe to our ETMarkets WhatsApp channel)
Time of India
05-06-2025
- Business
- 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)
Business Upturn
04-06-2025
- Business
- Business Upturn
Powergrid acquires MEL Power Transmission for Rs 8.53 crore under tariff-based bidding
By Aditya Bhagchandani Published on June 4, 2025, 18:30 IST Power Grid Corporation of India Limited (POWERGRID) on June 4 announced the acquisition of MEL Power Transmission Limited (MPTL) for Rs 8.53 crore, marking another key addition to its transmission network under the Tariff-Based Competitive Bidding (TBCB) route. The acquisition follows POWERGRID's selection as the successful bidder for the project titled 'Transmission System for evacuation of power from Mahan Energen Limited Generating Station in Madhya Pradesh.' The project involves setting up a 400kV double-circuit transmission line and associated bays at the existing Rewa Powergrid substation. MPTL, incorporated on November 19, 2024, by PFC Consulting Limited, was transferred to POWERGRID on a Build, Own, Operate, and Transfer (BOOT) basis. The acquisition includes 10,000 equity shares at par and the company's assets and liabilities, with the price subject to adjustment based on audited accounts. POWERGRID acquired 100% shareholding in MPTL, which aligns with its core business of power transmission. Although MPTL is yet to commence commercial operations, it is expected to play a crucial role in strengthening the evacuation infrastructure for power generation in Madhya Pradesh. Further regulatory approvals, such as the grant of a transmission license and adoption of transmission charges, will be secured from the Central Electricity Regulatory Commission (CERC). 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.
