What was filed
Power Finance Corporation (PFC) informed the NSE and BSE that it has received a no-objection certificate from the Reserve Bank of India for the proposed merger of REC Limited — the Transferor Company — with and into PFC, the Transferee Company. Per the filing, the NOC is subject to the instructions and conditions specified in it.
The merger is being pursued under sections 230–232 and other applicable provisions of the Companies Act, 2013, and covers both companies and their respective shareholders and creditors.
Where this sits in the process
The filing refers back to PFC's intimation of 28 June 2026, when the Boards of REC and PFC approved the scheme subject to receipt of applicable regulatory and other approvals. The RBI's no-objection is one such approval.
PFC was explicit that the scheme still depends on further statutory and regulatory approvals and on the fulfilment of other conditions — including approval by the respective shareholders and creditors. This is a step in a longer sequence, not the completion of the merger.