Live Stock: Power Finance shares fall after merger proposals

Shares of Power Finance Corporation Ltd and Rural Electrification Corporation Ltd were on lower circuit in trade Thursday ahead of the Cabinet meeting today to consider the merger deal of the companies.

The govt has proposed that Power Finance Corp acquire Rural Electrification Corporation in a  deal of Rs 14,000-crore and the Cabinet will consider the proposal today for the former acquiring entire government stake in the latter, which will bring the govt Rs 15,000 crore, approx.

During first afternoon hours of trade on the NSE,  stocks of Power Finance Corporation were trading lower at Rs 91.00, down 1.41%, while  Rural Electrification Corporation Ltd slipped to Rs 104.20, falling 0.81% in trade,