Nava Bharat Ventures witnessed a sharp rise in share price on Wednesday after the company's step-down subsidiary Maamba Collieries (MCL) has achieved financial closure of its integrated coal & power project of 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).

Shares of Nava Bharat Ventures are trading at Rs 169.35, up Rs 28.2, or 19.98% at the Bombay Stock Exchange (BSE) on Wednesday at 12:46 p.m.

The scrip has touched an intra-day high of Rs 169.35 and low of Rs 141.80. The total volume of shares traded at the BSE is 40,294.