Shares of REC Ltd rose 2.2% to Rs 409.70 on the BSE 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 planThe 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 LtdIn 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 performanceAs 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)
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