This is with reference to your email dated February 03, 2026 seeking clarification on recent news item appeared in 'https://economictimes.indiatimes.com' I 'www.economictimes.com'' dated February 2/3, 2026. captioned Govt considering merger of state-run entities PFC and REC'. In this context, the following is submitted On December 06, 2018, the Cabinet Committee on Economic Affairs (CCEA), gave its 'In Principle' approval for PFC to acquire 52.63% Govt's holding in REC along with transfer of management control. Accordingly, PFC acquired REC in March, 2019 and PFC became the promoter of REC and REC became the subsidiary of PFC On February 01, 2026, Hon 'ble Finance Minister directly announced the following during Union Budget 2026 This is further to our letter dated May 13, 2026, intimating the date of board meeting for considering and discussing the matter related to merger of Power Finance Corporation Limited ('PFC') & REC Limited ('REC') in accordance with the provisions of the Articles of Association of the Company. (As Per BSE Announcement Dated on 16.05.2026) Outcome of Board Meeting (As Per BSE Announcement Dated on 28.06.2026) Intimation of receipt of No Objection certificate from Reserve Bank of India (RBI) in relation to proposed scheme of Merger (As Per BSE Announcement Dated on:15.10.2026). Intimation of receipt of NOC from NSE and BSE in relation to proposed scheme of merger of REC limited with and into Power Finance Corporation Limited (As per BSE announcement dated on : 19.10.2026)