Power Finance Corporation extends rally on acquisition of REC

Power Finance Corporation (PFC) shares hit a fresh 52-week high of Rs 124, up 6 per cent, on the BSE, after the company concluded the acquisition of Rural Electrification Corporation (REC) by paying Rs 14,500 crore to the Central government. PFC surpassed its previous high of Rs 123 recorded on March 19, 2019 in intra-day trade.

PFC has acquired 52.63 per cent equity stake of the Centre in the REC along with the management control. The deal was approved by the Cabinet Committee for Economic Affairs (CCEA) in December 2018. PFC has financed the deal with internal accruals and by