India, June 29 -- Power Finance Corporation (PFC) and REC Limited under the aegis of Ministry of Power have approved a merger scheme that will combine the two state-owned NBFCs into a single power sector financing entity with a loan book exceeding 11 lakh crore. The merger remains subject to approvals from shareholders, creditors, regulators, and the Government of India. Key Highlights PFC and REC boards approve merger scheme. Merged entity to have a loan book of over 11 lakh crore. Share exchange ratio fixed at 88 PFC shares for every 100 REC shares. Merger awaits shareholder, regulatory and government approvals. The Board of Directors of Power Finance Corporation Limited (PFC) and REC Limited (REC) have approved a Scheme of Merger unde...