Nava Bharat Ventures Ltd has announced in response to certain enquiries from the investors concerning its step down subsidiary, Maamba Collieries Limited, Zambia (MCL).
MCL has been operating an integrated 300 MW (2X150 MW) coal fired power plant and selling power under a long term Availability Based Power Purchase Agreement (PPA) with ZESCO, the local Utility.
ZESCO has been effecting part payments on a monthly basis and bulk payments at different intervals, against power purchase from MCL and Investors will be pleased to know that as on March 31, 2019, MCL has already realized over 70% of the total amounts billed since synchronization of the power plant with the Grid.
MCL is up to date on all its debt service obligations and the long term debt is down by 25%.
Shares of NAVA BHARAT VENTURES LTD. was last trading in BSE at Rs.90 as compared to the previous close of Rs. 90.85. The total number of shares traded during the day was 9943 in over 184 trades.
The stock hit an intraday high of Rs. 91.1 and intraday low of 88. The net turnover during the day was Rs. 889301.