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REC, PFC turn volatile after cabinet OKs REC takeover by PFC

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Shares of Corporation rose 1.01%, while fell 0.17% at 11:46 IST on BSE after cabinet approved sale of government's stake in Corporation to

Corporation was up 1.01% at Rs 105.

was down 0.17% at Rs 90.10.

Meanwhile, the was up 122.29 points, or 0.35% to 35,434.42.

The Cabinet Committee on Economic Affairs, chaired by the has given its 'in principle' approval for strategic sale of the Government of India's existing 52.63% of total paid up equity shareholding in (REC) to Power Finance Corporation (PFC) along with transfer of management control. The acquisition intends to achieve integration across the power chain, obtain better synergies, create economies of scale and have enhanced capability to support and by improved capability to finance power sector. It may also allow for cheaper fund raising with increase in bargaining power for the combined entity. Both and PFC are under the The (CCEA) made after market hours yesterday, 6 December 2018.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, December 07 2018. 11:49 IST