Merger16 May 2026, 06:01 pm
REC Board Reserves Merger with PFC for Presidential Approval
AI Summary
REC Ltd's board has reserved the proposal for its merger with Power Finance Corporation (PFC) for the approval of the Hon'ble President of India, as required by its Articles of Association. The board has authorized the CMD of REC to apply for this approval, subject to a share exchange ratio determined by valuers, maintaining the merged entity's status as a 'Government Company,' and other necessary approvals. Additionally, Mr. Mohammed Azaz Ali has been appointed as Chief Compliance Officer, effective May 17, 2026, until June 30, 2028.
Key Highlights
- REC board reserves merger with PFC for Presidential approval.
- CMD authorized to seek approval for the proposed merger.
- Share exchange ratio to be determined by appointed valuers.
- Mohammed Azaz Ali appointed as Chief Compliance Officer effective May 17, 2026.
- Merger subject to maintaining 'Government Company' status.
Price Impact
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