PFCPower Finance Corporation Ltd
PFC Receives Exchange No-Objection Letters for Merger of REC Limited Into Power Finance Corporation
- Mergers & acquisitions
- Financial Services
Power Finance Corporation Limited has told the exchanges that it received no-objection letters from BSE and NSE on 19 Oct 2026 for the proposed scheme of merger of REC Limited, the transferor, into PFC, the transferee, and their shareholders and creditors, under Sections 230 to 232 of the Companies Act, 2013. The boards of both companies approved the scheme, as intimated on 28 Jun 2026, subject to regulatory and other approvals.
The NSE observation letter lists comments from SEBI. They include that the scheme will be effective only on the conditions in Para 25(1) of the draft scheme being met and subject to RBI approval; that any change in the conditions, including the share exchange ratio because of additional securities issued to the Government of India, needs the approval of the exchanges and SEBI; that financials used in the scheme, including for valuation, be not more than six months old; and that all details of ongoing proceedings or enforcement action against the companies, their promoters and directors be disclosed to the NCLT and shareholders.
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