Outcome of Board Meeting held on May 16, 2026.
RECLTD · price
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REC Limited's Board of Directors has reserved the proposal for merger of REC into Power Finance Corporation Limited (PFC) under Sections 230-232 of the Companies Act, 2013. The merger requires approval from the Hon'ble President of India as per the company's Articles of Association. The share exchange ratio will be determined by appointed valuers. Upon completion, all REC assets and liabilities will transfer to PFC, and REC will stand dissolved. Separately, the Board appointed Mr. Mohammed Azaz Ali, currently General Manager (Finance), as Chief Compliance Officer effective May 17, 2026, until his superannuation on June 30, 2028.
This merger proposal, if approved, would result in REC ceasing to exist as a separate listed entity, with PFC absorbing all operations. REC shareholders will receive PFC shares based on the determined exchange ratio. The appointment of a new CCO ensures compliance oversight continuity during this transition period.