PFC acquires government stake in REC; stocks surge up to 8%

REC hit a 52-week high of Rs 153, up 8 per cent, while PFC rose 6 per cent to Rs 120 and was trading close to its 52-week high level of Rs 123 touched on March 19, 2019, on the BSE.

Shares of state-owned Power Finance Corporation (PFC) and REC rallied by up to 8 per cent on the BSE in the intra-day trade on Monday after PFC announced the acquisition of the Centre’s 52.63 per cent paid-up share capital in REC. The board of directors approved the acquisition cost of about Rs 14,500 crore.

REC hit a 52-week high of Rs 153, up 8 per cent on the BSE on back of heavy volumes. A combined 25 million equity shares changed hands on the counter on the BSE and NSE till 12:16 pm.

PFC (up 6 per cent