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Rural Electrification Corp has informed the exchanges that the company’s Board of Directors at its meeting held on September 25, 2018, inter alia approved a proposal for incorporation of project-specific special purpose vehicle (SPV), as a wholly-owned subsidiary of REC Transmission Projects Company for construction of the 400 kV Udupi (UPCL)-Kasargode D/ line and Kasargode Substation. The company to be incorporated will be a subsidiary of REC, in terms of the provisions of Section 2(87) of the Companies Act, 2013. Shares of REC closed the day at ₹102.50 on the BSE, up 1.49 per cent, or ₹1.50, compared to its previous close.
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