General Updates

SEC-1/187(2)/2026/2900 Dated: June 28, 2026 ए(cid:411)च(cid:336)ज (cid:600)ाजा, बां(cid:363)ा कु ला(cid:330) कॉ(cid:817)(cid:600)े(cid:411), पहली मंिजल, फीरोज जीजीभोय टावस(cid:330) (cid:304)(cid:716)प कोड—RECLTD (cid:304)(cid:716)प कोड—532955 Listing Department Corporate Relationship Department National Stock Exchange of India Limited BSE Limited Exchange Plaza, Bandra Kurla Complex, 1st Floor, Phiroze Jeejeebhoy Towers Bandra (East), Mumbai – 400 051. Dalal Street, Fort, Mumbai – 400 001. Scrip Code—RECLTD Scrip Code—532955 Sub: Press Release regarding approval of Merger Scheme. Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a Press Release regarding Approval of Merger scheme by Board of Directors of REC Limited (“Transferor Company”) and Power Finance Corporation Limited (“Transferee Company”) and their respective shareholders and creditors, is attached herewith as Annexure-1. Thanking you, Yours faithfully, For REC Limited (Dinesh Garg) Company Secretary & Compliance Officer Encl.: As above. Approval of Merger scheme by Board of Directors of PFC and REC 28-06-2026 – The Board of Directors of Power Finance Corpora(cid:415)on Limited (PFC) and REC Limited (REC) today approved the Scheme of Merger (Scheme) for merger of REC (Transferor Company) into PFC (Transferee Company) and their respec(cid:415)ve shareholders and creditors, under Sec(cid:415)ons 230 to 232 and other applicable provisions of the Companies Act, 2013. The merger of REC into PFC shall create a financing en(cid:415)ty with an aggregate loan book of over INR 11 lakh crore. The Scheme is condi(cid:415)onal upon and subject to, inter-alia receipt of all requisite approvals and consents required under applicable law including, approvals from the respec(cid:415)ve shareholders and creditors of both the companies, and all relevant regulatory and governmental authori(cid:415)es; and the Merged En(cid:415)ty con(cid:415)nuing to qualify as a ‘Government Company’ under the Companies Act, 2013 and the Government of India con(cid:415)nuing to retain majority vo(cid:415)ng rights and control in the merged en(cid:415)ty (directly or indirectly). Pursuant to the Scheme and valua(cid:415)on report, the Share Exchange Ra(cid:415)o for the Proposed Merger of REC into PFC shall be 88 equity shares of PFC of INR 10/- each fully paid up for every 100 equity shares of REC of INR 10/- each fully paid up to be issued to the shareholders of REC as exis(cid:415)ng on a record date to be determined by the Boards of PFC and REC (as may be applicable) at a future date. Advisors Deloi(cid:425)e Touche Tohmatsu India LLP is ac(cid:415)ng as Transac(cid:415)on and Tax Advisor and Cyril Amarchand Mangaldas as the Legal Advisor, to both PFC and REC. Further, RBSA Valua(cid:415)on Advisors LLP was appointed by PFC and Ernst & Young Merchant Banking Services LLP was appointed by REC, for providing joint valua(cid:415)on reports. SBI Capital Markets was appointed by PFC and Nuvama Wealth Management was appointed by REC, for providing their respec(cid:415)ve fairness opinions on the joint valua(cid:415)on reports. *****