The board of directors of Power Finance Corporation Limited (PFC) has approved a proposal for the merger of REC Limited with PFC and authorised its chairman and managing director to seek approval from the President of India. The merger will be implemented based on a share exchange ratio to be determined by appointed valuers, while ensuring the merged entity continues to retain its government company status. Upon completion, all assets and liabilities of REC will be transferred to PFC, following which REC will stand dissolved.
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