Rural Electrification Corp’s board has provided its approval for increasing its stake to 31.7 percent by investing Rs 99 crore more in Energy Efficiency Service Ltd (EESL).

REC said in a BSE filing that “Further investment in the Equity Share Capital of EESL (a joint venture Company of NTPC, REC, PFC & Power Grid Corp) upto an amount of Rs 99 crore.

As per the statement, after the proposed investment, the shareholding of REC in EESL will be increased from current 28.79 percent (amounting to Rs 47.50 crore) to 31.7 percent (amounting to Rs 146.50 crore) of the post issue paid up capital of EESL.

Read EquityPandit’s Technical Analysis of Indian Stock Market