REC Ltd tokenised‑bond pilot, the approved merger with PFC

REC successfully completed India’s first pilot issue of tokenised corporate bonds under SEBI’s regulatory sandbox: a ₹500 crore issuance (₹100 crore base + ₹400 crore green‑shoe), 1‑year‑9‑month tenor, at a 7.30% coupon, with bidding via NSE’s EBP platform and settlement in digital form. On the corporate front, the board‑approved merger of REC into Power Finance Corporation (PFC) has received Presidential approval, paving the way to create India’s largest power‑financing institution with a loan book of about ₹11 lakh crore; exchanges have also imposed modest fines on REC (along with NTPC and SJVN) for board‑composition/listing‑regulation breaches. In management updates, Isha Duhan, IAS (UP cadre), was appointed Executive Director effective September 10, 2026, and REC sold Musalgaon Power Transmission Ltd to MSETCL for ₹11.21 crore on September 9. For FY27, C&AG appointed G.S. Mathur & Co. and S.K. Mehta & Co. as statutory auditors. Shares closed around ₹309.4–₹314.7 on September 16, with a market cap near ₹81,200–₹82,800 crore.