Nava Bharat Ventures said Wednesday the company's step-down subsidiary Maamba Collieries (MCL) has achieved financial closure for its integrated coal & power project, an estimated cost of USD 828 million. This project is being funded on a debt to equity ratio of 70:30.

The Development Financial Institutions from South Africa and large international commercial banks from Africa and China, have participated in this limited recourse project finance deal. It is the first project in Africa to have obtained insurance cover from China Export & Credit Insurance Corporation (SINOSURE).

This 300 MW power plant is fully integrated with captive coal mining, dedicated water supply system and an exclusive 330Kv power transmission system, all under the ambit of the project.

Both sponsors, Nava Bharat (Singapore) holding about 65% and ZCCM-IH holding 35% of stakes in MCL, fully discharged their respective equity commitments to the project.

Shares of the company gained Rs 28.2, or 19.98%, to trade at Rs 169.35. The total volume of shares traded was 40,744 at the BSE (1.09 p.m., Wednesday).