PFC, REC boards approve merger scheme, share exchange ratio at 88 PFC shares for every 100 REC shares

Boards of PFC and REC have approved the merger scheme under which REC will be absorbed into PFC with effect from April 1. The share exchange ratio has been fixed at 88 equity shares of PFC for every 100 equity shares of REC, creating India's largest power sector financing institution with a combined loan book exceeding Rs 11 lakh crore. The merger still requires approvals from shareholders, SEBI, NCLT, and other statutory authorities before becoming effective.