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HOT PURSUIT
REC, PFC turn volatile after cabinet OKs REC takeover by PFC Back
(11:49, 07 Dec 2018)

Rural Electrification Corporation was up 1.01% at Rs 105.

Power Finance Corporation was down 0.17% at Rs 90.10.

Meanwhile, the S&P BSE Sensex was up 122.29 points, or 0.35% to 35,434.42.

The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Narendra Modi has given its 'in principle' approval for strategic sale of the Government of India's existing 52.63% of total paid up equity shareholding in Rural Electrification Corporation (REC) to Power Finance Corporation (PFC) along with transfer of management control. The acquisition intends to achieve integration across the power chain, obtain better synergies, create economies of scale and have enhanced capability to support energy access and energy efficiency by improved capability to finance power sector. It may also allow for cheaper fund raising with increase in bargaining power for the combined entity. Both REC and PFC are Central Public Sector Enterprises under the Ministry of Power. The Cabinet Committee on Economic Affairs (CCEA) made after market hours yesterday, 6 December 2018.

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