Announced Sun, 28 Jun · 22:33 IST
REC board approves merger into PFC; 88:100 share swap ratio
Board & Shareholder Meetings View source PDF
RECLTD · price
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Price reaction · full curve 14 horizons · vs prior close
-0.1%1-day move
₹364.40
prior close
₹365.55
base price
After-mkt
timing
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Up moveDown movePending
AI summary
REC Limited board approved merger by absorption into Power Finance Corporation (PFC), both Maharatna power sector NBFCs. Share swap ratio is 88 PFC shares for every 100 REC shares. PFC currently holds 52.63 percent of REC. The merger is subject to regulatory and stock exchange approvals. Board also approved raising up to Rs 40,000 crore via private placement of bonds and debentures, subject to shareholder approval.
Likely market impact
REC shareholders receive 88 PFC shares per 100 REC shares; merger pending approvals could create India's largest power sector financier.