Power Finance Corporation has moved a step closer to its proposed merger with REC Limited after its board approved seeking formal approval from the President of India for the transaction. In an exchange filing, PFC said its board has approved reserving the proposal for the merger of REC into PFC for the approval of the President of India.
The board also authorised PFC Chairman and Managing Director Parminder Chopra to apply for and seek the President’s approval for the proposed merger. The merger will be carried out based on a share exchange ratio to be determined by valuers appointed for the transaction.
