State-owned Power Finance Corporation (PFC) on Thursday completed the acquisition of majority stake in REC Ltd by transferring Rs 14,500 crore to the government, an official said. The transaction has helped the government meet its disinvestment target of Rs 80,000 crore for the current financial year. “The entire consideration of Rs 14,500 crore for acquiring 52.63 per cent equity of the Government of India in REC is paid by PFC through RTGS (real-time gross settlement) mode this morning,” the official told PTI.
The official said PFC Chairman and Managing Director Rajeev Sharma handed over the RTGS advice to Power Secretary A K Bhalla on Thursday to complete the acquisition. The money has been transferred into the government’s account online. The official further said the government’s 52.63 per cent equity in REC would be transferred in the name of the PFC by the closing of the stock market on Thursday.
