Power Finance Corporation Limited has notified stock exchanges regarding the cessation of three Non-Official Independent Directors upon completion of their tenure. The company filed the intimation under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015, on April 17, 2026.

Director Cessation Details

All three independent directors completed their one-year tenure and ceased to be directors on the Board of Power Finance Corporation Limited effective April 17, 2026.

Appointment Background

All three directors were appointed through the same Ministry of Power, Government of India order. The appointment details are as follows:

Regulatory Compliance

The cessation was communicated to both major stock exchanges where the company's shares are listed:

• National Stock Exchange of India Limited - Listing Department, Exchange Plaza, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051
• BSE Limited - Department of Corporate Services, Floor 25, PJ Towers, Dalal Street, Mumbai - 400 001

The notification was signed by Manish Kumar Agarwal, Company Secretary & Compliance Officer, ensuring proper regulatory compliance with disclosure requirements. The company emphasized that the cessation was due to natural completion of tenure rather than any other circumstances, maintaining transparency in corporate governance practices.

Power Finance Corporation Limited has announced the incorporation of four wholly owned subsidiaries under its subsidiary PFC Consulting Limited (PFCCL) to develop transmission infrastructure projects across Rajasthan and Karnataka states. The move aligns with the company's role as Bid Process Coordinator for Independent Transmission Projects under the Ministry of Power's competitive bidding framework.

New Transmission SPVs Established

The four Special Purpose Vehicles (SPVs) have been incorporated to handle specific transmission system development projects:

Regulatory Approvals and Nominations

For the Rajasthan projects, Rajasthan Rajya Vidyut Prasaran Nigam Limited (RRVPNL) issued a letter of intent dated 04.11.2025, confirming that the State Committee on Transmission in its 10th Meeting held on 29.08.2025 recommended PFCCL as Bid Process Coordinator. The Energy Department, Government of Rajasthan, conveyed its approval through a letter dated 15.10.2025.

Regarding the Karnataka transmission schemes, the State Empowered Committee on Transmission ratified Karnataka Power Transmission Corporation Limited's (KPTCL) nomination of PFCCL as BPC in its 7th Meeting held on 29.08.2025. The Energy Department provided approval through Government Order No. Energy 73 PPT 2024, Bengaluru dated 18.10.2025.

SPV Functions and Transfer Process

Under the Ministry of Power's tariff-based competitive bidding guidelines, the BPC must establish SPVs to handle preparatory project activities. These include:

• Survey and preparation of detailed project reports
• Initialization of land acquisition processes
• Seeking forest clearances where required
• Managing various preparatory transmission project activities

The SPVs will operate as wholly owned subsidiaries of PFCCL during the development phase. Upon completion of the competitive bidding process, all four SPVs will be transferred to the respective successful bidders who will then develop the transmission projects according to the established guidelines.

Strategic Infrastructure Development

This corporate structure enables systematic development of critical transmission infrastructure while maintaining compliance with regulatory frameworks. The establishment of dedicated SPVs for each project ensures focused management of preparatory activities and smooth transition to successful bidders through the tariff-based competitive bidding process mandated by the Ministry of Power.