REC Limited Receives Exchange No-Objection Letters for Merger Into Power Finance Corporation
- Mergers & acquisitions
- Financial Services
REC 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 with and into Power Finance Corporation Limited, under Sections 230 to 232 of the Companies Act, 2013. The two boards approved the scheme, as intimated on 28 Jun 2026, subject to regulatory approvals.
The exchanges pass on SEBI's comments, which include that the scheme is effective only if the conditions in the draft scheme are met and RBI approves; that a change in conditions, including the share exchange ratio because of new securities issued to the Government of India, needs the approval of the exchanges and SEBI; and that the companies disclose to the tribunal and shareholders any enforcement action against them, their promoters and directors. The scheme is still subject to other statutory and regulatory approvals and to the approval of shareholders and creditors.
Sign up to continue reading
Create a free account to read the rest of this article and the analysis that follows.
Disclaimer:
The information available on this article is provided for education and informational purposes only. It does not constitute or provide financial, investment or trading advice and should not be construed as an endorsement of any specific stock or financial strategy in any form or manner. We do not make any representations or warranties regarding the quality, reliability, or accuracy of the information provided. This website may contain links to third-party content. We are not responsible for the content or accuracy of these external sources and do not endorse or verify the information provided by third parties. We are not liable for any decisions made or actions taken based on the information provided on this website.
