Power Finance Corporation Ltd. Share Price

PFC Completes Sale of Satara TransmissionSPV to Adani Energy

Power Finance Corporation (PFC) has completed the sale of its wholly owned subsidiary and special purpose vehicle, Satara Power Transmission, to Adani Energy Solutions, the successful bidder. The transfer was made for a consideration of around Rs 19.01 crore. Satara Power Transmission was set up to develop the transmission system for the Network Expansion Scheme in the Western Region, which will serve the pumped storage potential near Satara of up to 4,500 MW (Part A). PFC provides financial assistance to power utilities to meet the financing and development needs of the power sector. How to read the deal It's a tariff-based competitive bidding (TBCB) handover, not a conventional asset sale. PFC's consulting arm sets up the SPV, runs the bid process, and transfers the SPV to the winning bidder. The Rs 19.01 crore most likely reflects recovery of SPV and bid-process costs, so it is not a sale price for the project's value. The release doesn't break this down, so treat that as an inference. Disclaimer: Investments in securities market are subject to market risks. Read all related documents carefully before investing. Registration granted by SEBI and certification from NISM in no way guarantee the performance of the intermediary or provide any assurance of returns to investors. The above information is for educational and learning purpose. They analyst or his associates do not hold any shares of the company and have no financial interest in it. SEBI Registered Research Analyst: Vineet Ashwinikumar Chawla: INH000008190, BSE Enlistment No: 5433

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ADANI ENERGY SOLUTIONS: ACQUIRES 100% STAKE

ADANI ENERGY SOLUTIONS: ACQUIRES 100% STAKE IN SATARA POWER TRANSMISSION

• Adani Energy Solutions Limited (AESL) has entered into a Share Purchase Agreement with PFC Consulting Limited (PFCCL) on October 6, 2026, to acquire 100% equity shares of Satara Power Transmission Limited (SPTL). • The acquisition is part of AESL’s strategy to create shareholder value through both organic and inorganic growth opportunities. • SPTL is planned to facilitate an additional 765 kV inter-regional transmission corridor between the Southern Region (SR) and Western Region (WR) grids. • The project will also enable additional renewable energy power evacuation from Karnataka, supporting the integration of renewable capacity into the grid. Impact: Positive — The acquisition strengthens AESL’s transmission portfolio and expands its capabilities in inter-regional power transmission and renewable energy evacuation.

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PFC: What the REC merger could change for the company

# PFC: What the REC merger could change Power Finance Corporation Limited and REC Limited have approved a merger scheme under which REC would merge into PFC. The combined entity would have an aggregate loan book of more than ₹11 lakh crore. **What is changing:** The proposed transaction is designed to create a larger government-owned power-sector financing institution. Under the approved scheme, REC shareholders would receive 88 PFC shares for every 100 REC shares, subject to the scheme's conditions and a future record date. Scale is the obvious benefit. PFC already has a major position in power-sector financing, while its renewable-energy book exceeded ₹80,000 crore in FY25. The combined balance sheet could provide greater capacity to finance conventional power, renewable energy, transmission, distribution and emerging energy infrastructure. But size alone does not create value. A larger loan book also means greater exposure to credit quality, funding costs and concentration within the power sector. The merger is therefore worth studying from a capital-allocation perspective. Investors should look beyond the headline ₹11 lakh crore loan book and track whether the combined entity can maintain asset quality, optimise funding costs and generate adequate returns on its expanded capital base. * **My view:** The merger could materially change PFC's scale, but the real test will be whether the larger platform improves efficiency and capital allocation rather than simply creating a bigger balance sheet. **What I'm watching:** merger approvals, loan growth, asset quality, cost of funds, renewable financing and return on equity. **Stance:** For PFC, the merger makes scale an important part of the story, but execution and post-merger efficiency will determine its financial impact. **Disclosure:** I am a SEBI Registered Research Analyst. Please refer to the applicable disclosures before taking any investment decision.

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REC Ltd modest share‑price bounce after exchange penalties.

The President has approved the merger of REC into Power Finance Corporation (PFC), nearly seven years after PFC acquired the government’s majority stake in REC. The transaction is still subject to final regulatory, creditor and shareholder steps, but the approval marks a key milestone toward creating one of India’s largest power‑financing institutions. Operationally, REC’s subsidiary RECPDCL handed over Musalgaon Power Transmission Limited (the Maharashtra intra‑state transmission SPV) to Maharashtra State Electricity Transmission Company Ltd (MSETCL), completing the sale and transfer of this project SPV. On the regulatory front, BSE and NSE imposed fines totaling over ₹59 lakh on REC (along with NTPC and SJVN) for non‑compliance with certain listing/board‑composition norms; REC has filed its comments on the penalties. Shares closed around ₹314.65 on September 16 (up ~2.16% that day) and have been trading in the ₹303–₹315 range recently, with a 52‑week low near ₹303.25.

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PFC SELLS TWO TRANSMISSION SUBSIDIARIES FOR Rs 11.12 CRORE

, a Maharatna Government of India undertaking, has completed the sale and transfer of two wholly owned subsidiaries involved in power transmission projects for an amount of Rs 11.12 crore. The two entities, Latur REZ Transmission Limited and Raigad Power Transmission Limited, were established through PFC Consulting Limited for the development of transmission infrastructure projects. However, both subsidiaries had a negligible contribution to the company’s turnover, revenue, income and net worth during the preceding financial year. Having a market cap of Rs 1,07,435 crore, the company has been maintaining a strong dividend yield of 5.69% making it a good opportunity for regular income. Recently, REC has got merged into PFC which will add to the networth of the company.

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