New Delhi, March 20 -- Power Finance Corporation Ltd. (PFC) has today signed a Share Purchase Agreement to acquire 103.94 crore equity shares of INR 10/- each, of REC Limited from the President of India constituting 52.63% of the paid-up share capital of REC Limited. This is a major milestone achieved by PFC, who is now slated to become a promoter and the holding company of REC Limited.
The acquisition of REC Limited was in pursuance to the in-principle approval dated 6th December 2018 from the Cabinet Committee on Economic Affairs for the strategic sale of 52.63% of the paid up equity shareholding of REC held by the President of India (acting through Ministry of Power, Government of India) to PFC along with transfer of management control....