PFCPower Finance Corporation Ltd
PFC receives RBI’s no-objection certificate for its proposed merger with REC
- Mergers & acquisitions
- Financial Services
Power Finance Corporation Limited has told the exchanges that it received a no-objection certificate from the Reserve Bank of India (RBI) on 15 Oct 2026 for the proposed merger of REC Limited into PFC. The certificate is subject to the instructions and conditions set out in it.
The boards of both companies approved the scheme, which is under Sections 230 to 232 of the Companies Act, 2013, as informed on 28 Jun 2026. The filing says the scheme remains subject to other statutory and regulatory approvals and conditions, including the approval of the shareholders and creditors of the companies involved.
Inference
The RBI's certificate is one of several approvals the scheme needs, and the filing says others, including shareholder and creditor approvals, are still required. The merger is therefore not yet complete, and its terms are not part of this filing.
The filing does not give the share exchange ratio or the timetable. Shareholders of both companies may want to follow later announcements for the exchange ratio, the approvals still pending and the expected date of effect, and to read the conditions attached to the RBI certificate when they are disclosed.
Reference: Original filing (PDF)
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