Power Finance Corporation has priced U.S. $300,000,000 5.32% notes due 2031 under its U.S. $8,000,000,000 Global Medium Term Note Programme. The notes were priced on June 22, 2026, and carry a coupon of 5.32% per annum, payable semi-annually in arrears on June 30 and December 30. The settlement date for the notes is expected to be June 30, 2026, and they will mature on June 30, 2031, unless previously redeemed.

The notes represent direct, unconditional, and unsecured obligations of the issuer. They will rank pari-passu among themselves and all other unsecured obligations of Power Finance Corporation. The securities will be listed on NSE IFSC and India INX.

The net proceeds from the issuance will be utilized in accordance with the external commercial borrowing guidelines of the Reserve Bank of India. This disclosure was made in compliance with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

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.