Cab­i­net approves sale of Govt’s 52.63 pc stake in REC to PFC

The Hitavada - - 2ND FRONTPAGE -

THE Cab­i­net Com­mit­tee on Eco­nomic Af­fairs on Thurs­day ap­proved the sale of the Gov­ern­ment’s 52.63 per cent stake in REC Ltd to Power Fi­nance Cor­po­ra­tion (PFC).

The Gov­ern­ment is ex­pected to gar­ner around Rs 15,000 crore from this merger.

“The CCEA gave in prin­ci­ple ap­proval for strate­gic sale of the Gov­ern­ment of In­dia’s ex­ist­ing 52.63 per cent of to­tal paid up eq­uity share­hold­ing in REC Ltd to Power Fi­nance Cor­po­ra­tion along with trans­fer of man­age­ment control,” Fi­nance Minister Arun Jait­ley said at a press con­fer­ence af­ter the Cab­i­net meet­ing here.

The Gov­ern­ment held 57.99 per cent stake in REC, and 65.64 per cent in PFC at Septem­ber-end.

How­ever, the Gov­ern­ment hold­ing in REC came down to 52.63 per cent fol­low­ing stake sale through ETF.

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