The shares of Power Finance Corporation (PFC) and REC will remain in focus after the former’s board approved seeking formal approval from the President of India for the proposed mega merger of the two PSU non-banking financial corporations.
In an exchange filing released on Saturday, PFC announced that its board of directors during its meeting authorised its Chairman and Managing Director Parminder Chopra to apply for and seek the President’s approval for the proposed merger, which will be executed on a share exchange ratio to be determined by the by valuers appointed for the transaction.
