PFC Board Approves REC Merger, Seeks Presidential Approval

Power Finance Corporation Ltd (PFC) announced that its Board of Directors has approved the proposal for the merger of REC Limited into PFC, subject to the approval of the Hon'ble President of India. The merger will be executed under Sections 230-232 of the Companies Act, 2013, with the share exchange ratio to be determined by appointed valuers. The merged entity will maintain its status as a 'Government Company'. Upon approval, REC's assets and liabilities will transfer to PFC, and REC will be dissolved. The trading window for PFC's equity shares and listed debt securities remains closed.