PFC Gains 1% As Board Approves Acquisition Of Govt Stake In REC

The Government Is Expected To Collect Around Rs 15,000 Crore From This Sale Process.

Shares of Power Finance Corporation (PFC) and REC gained 1 percent each in the early trade on Friday after PFC board approved the acquisition of government's stake in REC.

Board of directors of Power Finance Corporation in its meeting held on December 20, 2018 granted in-principle approval, to purchase Government of India's (GOI) entire shareholding in REC along with transfer of management control.

The government is expected to collect around Rs 15,000 crore from this sale process.

The government is holding 57.99 percent stake in REC, and 65.64 percent in PFC at the end of September quarter.

At 09:18 hrs Power Finance Corporation was quoting at Rs 99.40, up 0.86 percent and REC was quoting at Rs 110.85, up or 1 percent on the BSE.

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