POWER FINANCE CORPORATION LTD.

Power Finance Corporation Ltd (PFC) has received approval from the Hon'ble President of India for the proposed merger of REC Limited into PFC. This significant development follows the company's intimation on May 16, 2026, regarding the board's decision to seek presidential assent. The Ministry of Power conveyed the approval on June 10, 2026. This merger is expected to create a stronger financial entity in the power sector.

Power Finance Corporation Ltd (PFC) announced that Shri V. Packirisamy has assumed the charge of Director (Commercial) on its Board, effective June 2, 2026. This appointment was made by the Ministry of Power, Government of India. Shri Packirisamy brings over 33 years of experience in the power sector, with a background in credit appraisal, financial analysis, and IT transformation within PFC. He is not debarred from holding a directorship by any regulatory authority.

Power Finance Corporation Ltd (PFC) has announced the striking off and dissolution of three of its wholly owned subsidiaries: Deoghar Infra Limited, Deoghar Mega Power Limited, and Jharkhand Infrapower Limited. These subsidiaries, incorporated as Special Purpose Vehicles (SPVs) under the Companies Act, 1956, were not material to PFC's operations. The Ministry of Power approved their closure on November 27, 2025, and the Registrar of Companies officially struck them off effective June 1, 2026.

Power Finance Corporation Limited (PFC) has announced the striking off and dissolution of its wholly owned subsidiary, PFC Projects Limited (PPL), by the Registrar of Companies (RoC) effective June 1, 2026. PPL, formerly Coastal Karnataka Power Limited, was initially established for an Ultra Mega Power Project. Its name and object clause were amended in 2022 for participation in Lenders-backed Resolution Plans. However, due to the absence of DIPAM approval, no future business opportunities were anticipated. The Ministry of Power approved the closure on March 13, 2026, leading to the MCA's final approval on June 1, 2026. This action is taken after settling all liabilities.

Power Finance Corporation Ltd (PFC) announced the retirement of Shri G. Jawahar, Executive Director, effective May 31, 2026, upon reaching the age of superannuation. This change in senior management is in compliance with Regulation 30 of the SEBI (LODR) Regulations, 2015. No new appointment or director relationship disclosures were applicable in this filing.

Power Finance Corporation Ltd (PFC) has divested its wholly-owned subsidiary, TUMKUR II RE Transmission Limited, to Power Grid Corporation of India Limited for ₹15,46,38,881. The transaction, completed on May 29, 2026, involved the transfer of the special purpose vehicle (SPV) established for the 'Transmission System Strengthening at Tumkur-II for Integration of Additional RE Potential (1.5 GWw)'. The sale was conducted as per the Share Purchase Agreement and followed guidelines issued by the Ministry of Power, Government of India. The buyer is not part of the promoter group, and the transaction is not considered a related party transaction.

Power Finance Corporation Ltd (PFC) has divested its wholly-owned subsidiary, Kurnool IV REZ Power Transmission Limited, to Resonia Limited (formerly Sterlite Grid 32 Limited) on May 29, 2026. The consideration received from the sale is ₹20,93,72,682 as per the Share Purchase Agreement. Resonia Limited is the successful bidder and is not part of the promoter group. The transaction is not a related party transaction and is not a slump sale. The consideration was determined per the Ministry of Power guidelines.

Power Finance Corporation Ltd (PFC) announced the transfer of its wholly-owned subsidiary, NERGS III Siang Basin Transmission Limited, to Dineshchandra R. Agrawal Infracon Private Limited on May 26, 2026. The consideration received from the sale/disposal is ₹19,70,61,135. The transaction is not considered a related party transaction or a slump sale. The consideration for the sale and transfer of SPVs is determined by the Ministry of Power, Government of India guidelines.

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.

Power Finance Corporation Ltd (PFC) has scheduled a Board of Directors meeting on May 16, 2026, to further consider and discuss matters related to the merger of PFC and REC. The trading window, which was closed from April 1, 2026, will remain closed until further notice. Designated persons and their immediate relatives are advised not to deal in PFC's equity shares/securities during this period.