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Nava Bharat Ventures Ltd has announced that Maamba Collieries Limited (MCL), the step-down subsidiary in Zambia, has synchronised the first 150 MW unit of the 300 MW coal fired power plant with the Zambian Grid.
The synchronisation of the Second 150 MW unit will follow soon while stabilisation and commercial operations of the two units will be pursued in the coming weeks, the company informed BSE.
BONUS
Late last week, the Board of Directors of the Company approved the issuance of bonus shares in the ratio of 1:1 (one bonus equity share of Rs 2 each for every one existing equity share of Rs 2 each), by capitalising a part of the general reserves. This is subject to the approval of shareholders at the ensuing Annual General Meeting scheduled to be held on August 24, 2016.
The company shares closed at Rs 252.25, up 2 per cent at BSE today.
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