SJVN Ltd shares jump over 7 pc on pact with PFC for Rs 1.18 lakh crore financing
New Delhi, September 20
Shares of power producer SJVN Ltd on Wednesday jumped over 7 per cent after the company said it has inked an initial pact with Power Finance Corporation (PFC) to get finance for its projects worth Rs 1.18 lakh crore.
The stock rallied 6.78 per cent to settle at Rs 81.75 apiece on the BSE. During the day, it jumped 9.31 per cent to reach its 52-week high of Rs 83.69.
On the NSE, it climbed 7.11 per cent to end at Rs 82.10 per piece.
The company added Rs 2,039.57 crore taking its market valuation to Rs 32,126.08 crore.
In volume terms, 62.62 lakh shares of the company were traded on the BSE and over 15.69 crore shares on the NSE during the day.
“PFC and the company have signed a Memorandum of Understanding (MOU) for financial assistance to various diversified portfolio of projects, including majorly Renewable Energy projects and thermal generation projects to be set up at a total project cost of about Rs 1,18,826 crore,” a BSE filing said.
The term loan financial assistance is tentatively proposed at 70 per cent of the project cost, which may be increased for renewable energy projects as per project requirements, it stated.
In a separate statement, PFC said, “PFC and SJVN Ltd have signed an MoU for providing financial support to various projects, including massive Renewable Energy ventures (Solar, Hydro, and Pumped Storage) totalling 12,178 MW capacity, along with a 660 MW thermal generation project for an estimated project cost of approximately Rs 1,18,826 crore”.
