Power Finance Corporation and REC Limited have both scheduled board meetings on June 28, 2026, to consider and approve the scheme of merger between the two entities. The proposed amalgamation involves the respective shareholders and creditors of both companies and will be pursued under the provisions of Sections 230 to 232 of the Companies Act, 2013, along with the relevant SEBI Listing Obligations and Disclosure Requirements Regulations, 2015.

Trading Window Closure

In connection with the potential merger, REC Limited had previously closed its trading window. Effective from May 14, 2026, the trading window for dealing in equity shares and other listed securities of REC Limited remains shut until further orders. This measure aligns with the company's Code of Conduct for regulating, monitoring, and reporting of trading by Designated Persons and their immediate relatives.

Consequently, all designated persons and their immediate relatives have been advised not to deal in the company's equity shares or securities during this closure period. The restriction covers activities such as buying, selling, or pledging shares.

Key Merger Details

The following table summarises the key parameters of the proposed merger:

The filing from REC Limited was submitted to the National Stock Exchange of India Limited and BSE Limited by Dinesh Garg, Company Secretary & Compliance Officer of REC Limited.

Bihar Infrapower Limited, a wholly owned subsidiary of Power Finance Corporation , has been struck off by the Registrar of Companies under Section 248 of the Companies Act 2013. This action follows the approval granted by the Ministry of Power, Government of India, to close the project and strike off the company's name.

Subsidiary Background and Closure

Bihar Infrapower Limited was incorporated on June 30, 2015, as a Special Purpose Vehicle (SPV) for the purpose of holding various licenses and land for the Ultra Mega Power Project in the State of Bihar (Banka UMPP). The subsidiary was not classified as a material subsidiary of Power Finance Corporation. Subsequently, the decision was made to close the project.

Regulatory Approvals

The Ministry of Power granted its approval for the closure and striking off of the company's name on November 27, 2025. Following this, the required documents for closure were filed with the Ministry of Corporate Affairs. The Registrar of Companies issued the final strike-off order via Public Notice No. ROC/C-PACE/STK-2/248(5)/2026-27/426.