State-run Power Finance Corp (PFC) today said its board has approved the proposal for merger of its wholly-owned subsidiary PFC Green Energy with the company.
The board in its meeting on September 29 approved the merger scheme which is conditional upon and subject to the sanction by the corporate affairs ministry, PFC said in a BSE filing today.
PFC is a leading power sector public financial institution and a non-banking financial company which provides fund and non-fund based support for the development of Indian power sector.
PFC Green Energy Ltd is also engaged in similar nature of business focusing on renewable and green energy.
PFC said that the amalgamation will help to consolidate similar nature of business at one place and effectively manage both firms as single entity.
There will no change in the shareholding pattern of the listed company (pre or post amalgamation), it said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)