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Nava Bharat Ventures Ltd arm repays sponsor Bridge Loan to Nava Bharat Group

Nava Bharat Ventures Ltd’s Zambian subsidiary, Maamba Collieries Limited (MCL) has concluded accession of additional long term debt. With this, MCL’s integrated coal and power project is funded, with long term external total debt of US$ 590 million (including the debt of US$515 million for which the financial closure was announced earlier).

Following the disbursement of loan by the additional lender, MCL has repaid the sponsor bridge loan to Nava Bharat group in full, pursuant to common terms agreement with the lenders.

Shares of NAVA BHARAT VENTURES LTD. was last trading in BSE at Rs.220.85 as compared to the previous close of Rs. 217.25. The total number of shares traded during the day was 49542 in over 1655 trades.

The stock hit an intraday high of Rs. 224.15 and intraday low of 218.75. The net turnover during the day was Rs. 10983874.

Source: Equity Bulls

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