REC Ltd Board Approves Sale, Transfer Of Beawar Transmission Ltd, Stock Hit 52-Week High

REC Ltd, a Maharatna company under the Ministry of Power, Govt. Of India, on Tuesday, August 29, announced the sale of Beawar Transmission Limited, presently held by REC Power Development and Consultancy Limited (RECPDCL), a wholly owned subsidiary of REC to Sterlite Grid 27 Limited.

According to the company, the consideration for the sale and transfer of SPVs is decided in accordance with the guidelines released by the Ministry of Power, Government of India, from time to time.

According to the regulatory filing by company, "the Board of Directors of the Company in its meeting held on August 29, 2023 inter·alia approved the sale and transfer of the entire shareholding of Beawar Transmission Limited, presently held by REC Power Development and Consultancy Limited (RECPDCL), wholly owned subsidiary of REC, to M/s Sterlite Grid 27 Limited, the successful bidder selected through Tariff Based Competitive Bidding process."

Meanwhile, the shares of REC on Tuesday following the sale announcement hit new 52-week high at Rs 247.05 per share. Its 52-week ow is Rs 91 per share. The stock ended at Rs 244.35 per share on the BSE.

The stock surged 2.52% in 1 week. It gave 25.73% in 1 month, 79.87% in 3 months, and 113.87% multibagger return in 6 months, respectively. It has given 127.83 multibagger return in 1 year. The stock gave 122.68% positive return in 2 years, 191.94% in 3 years, and 175.85% in 5 years, respectively.