REC Board Approves Merger Into PFC, Sets 88:100 Share Swap Ratio

Board approved merger by absorption of REC into PFC with share exchange ratio of 88 PFC shares for every 100 REC shares, subject to regulatory and stock exchange approvals. PFC holds 52.63% of REC. Board also approved fund raising of up to ₹1,40,000 Cr via private placement of bonds/debentures.