** Shares of Power Finance Corporation NSE:PFC fall 1.8% to 424.85 rupees

** Boards of PWFC and REC NSE:RECLTD approved merger of REC into PWFC

** PWFC to issue 88 shares for every 100 shares held in RECM

** Co said merger shall create a financing entity with an aggregate loan book of over 11 trln rupees ($116.56 bln)

** YTD, PWFC up about 20% and RECM up around 2%

($1 = 94.3725 Indian rupees)