PFC and REC Boards Approve Merger Scheme

The Boards of Power Finance Corporation Limited (PFC) and REC Limited have approved a merger scheme where REC will merge into PFC. This merger will create a massive financing entity with a loan book exceeding INR 11 lakh crore. The merger is subject to necessary approvals from shareholders, creditors, and regulatory bodies, and aims to maintain its status as a 'Government Company' under Indian law. Shareholders of REC will receive 88 equity shares in PFC for every 100 shares they hold. The merger sees professional advisement from Deloitte, Cyril Amarchand Mangaldas, RBSA Valuation Advisors, Ernst & Young, SBI Capital Markets, and Nuvama Wealth Management.

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