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New Delhi: State-run Power Finance Corporation Ltd. (PFC) has appointed RBSA Advisors as the valuation consultant and SBI Capital Markets Ltd as the merchant banker for the proposed merger of the company with REC Ltd , according to people aware of the development.The appointments, to be made through the tendering process, are the next steps in the long-discussed amalgamation of the two power sector financiers. The advisers are expected to determine the valuation metrics and swap ratios.The government announced in this year's budget its intention to achieve scale and improve efficiency in public sector non-banking financial companies (NBFCs). As a first step, it proposed restructuring PFC and REC.Since the announcement, the shares of PFC have risen by 4.3%-on Monday they closed at ₹397.95 on the BSE-compared with the 9.9% drop the BSE Sensex has recorded in the same period.Emails sent to PFC, RBSA and SBICAPS remained unanswered till the time of filing the report.The boards of both companies, subsequently, approved a merger plan, stating that the new entity would remain a government company, clearing the air over ownership.