Power Finance Corporation Ltd

RBI NOC and merger status

• RBI issued No Objection Certificate for the REC-Limited merger dated 15 Oct 2026.
• Scheme remains subject to other regulatory approvals and shareholders' and creditors' approvals.
• Boards of both Transferor and Transferee approved the scheme in June 2026, subject to approvals.

SPV formation and BPC appointment

• Kadapa II REZ Transmission Limited incorporated as wholly owned SPV of PFCCL.
• SPV for Transmission System for Integration of Kadapa-II REZ (Phase-1).
• PFCCL named Bid Process Coordinator for tariff-based competitive bidding of Independent Transmission projects.
• BPC to prepare project profile and initiate land acquisition and forest clearance processes.
• SPV to be transferred to the successful bidder post-TBCB process.
• CEA/MoP confirmation dated 20-07-2026; NCT nomination for PFCCL as BPC on 07-07-2026.

Subsidiary divestment

• Transfer of two wholly owned subsidiaries completed on 28 September 2026.
• Latur REZ Transmission Limited sold to Montecarlo Energy Limited.
• Raigad Power Transmission Limited sold to Apraava Energy Private Limited.
• Consideration received: Rs 3,71,81,895 for Latur REZ.
• Consideration received: Rs 7,40,55,693 for Raigad Power Transmission.
• Turnover and net worth contributions from both SPVs were negligible in the last financial year.

SPV formation and project scope

• Malegaon Power Transmission Limited incorporated as a wholly owned PFCCL subsidiary.
• SPV to establish 400/220 kV Malegaon (Saundane) S/S in Nashik district.

BPC appointment

• PFCCL nominated as Bid Process Coordinator for tariff-based competitive bidding.

Preparatory activities

• SPV will undertake land surveys, land acquisition, and forest clearance prep.

Transfer mechanism

• SPV designated for transfer to successful bidder after tariff-based bidding.

Regulatory approvals

• State Empowered Committee nominated PFCCL as BPC; Maharashtra approval conveyed.

Power Finance Corporation Ltd - Trading Window Closed Till Further Orders

Cessation of Independent Director

• Shri Pankaj Gupta ceased as Non-Official Independent Director on 22 September 2026 on completion of tenure.

Auditor Change

• C&AG appoints Thakur Vaidyanath Aiyar & Co and Mehra Goel & Co as joint statutory auditors for FY 2026-27.

AGM proceedings

• 40th AGM held on August 31, 2026.
• Proceedings submitted to exchanges under Regulation 30 LODR for information and record.
• Document signed by Company Secretary & Compliance Officer.

SPV transfer details

• Fatehgarh II Transmission Limited SPV transferred to Power Grid Corporation of India Limited.
• Sale completion date: 28 August 2026.
• Consideration received: Rs 19,11,35,596.
• Buyer is Power Grid Corporation of India Limited; not promoter group.
• Transaction not related party; arm's length.
• Not a slump sale; pricing per MoP guidelines.
• SPV turnover negligible in last financial year.

Newspaper publication of unaudited results

• Newspaper publication of unaudited standalone and consolidated financial results for quarter ended June 30, 2026.
• Publication made under Regulation 30 and Regulation 47 of SEBI LODR.
• Submitted to NSE and BSE for information and record.
• Dated 14 August 2026.