What was filed
REC Limited told the exchanges it has received a No Objection Certificate from the Reserve Bank of India for the proposed scheme under which REC — the Transferor Company — would merge with and into Power Finance Corporation Limited, the Transferee Company. The merger is being pursued under sections 230-232 and other applicable provisions of the Companies Act, 2013. Per the filing, the NOC was received on 15 October 2026, subject to the instructions and conditions specified by the RBI.
Where this sits in the approval sequence
The company tied this update to its earlier letter dated 28 June 2026, when the boards of both REC and Power Finance Corporation approved the scheme, subject to applicable regulatory and other approvals. The RBI's NOC is one such clearance. The scheme still remains subject to other statutory and regulatory approvals and to the fulfilment of further conditions, including the approval of the respective shareholders and creditors of the companies involved. The regulatory process is advancing but not complete.