Rural Electrification Corporation Limited (REC Limited) has received a No Objection Certificate (NOC) from the Reserve Bank of India (RBI) for its proposed merger with Power Finance Corporation Limited (PFC).
In a disclosure to the stock exchanges dated October 15, 2026, REC confirmed receipt of the NOC, subject to the instructions and conditions specified by the RBI.
The development follows the decision by the boards of REC and PFC to approve the proposed merger scheme, as referenced in REC’s earlier communication to the stock exchanges dated June 28, 2026. The scheme remains subject to applicable regulatory and other approvals.
The RBI clearance marks a further step in the proposed merger process. However, the scheme will require other statutory and regulatory approvals, along with the necessary approvals from shareholders and creditors, wherever applicable under the relevant laws and the terms of the scheme.
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