Shares of SJVN Ltd hit a fresh record high on Wednesday after the company announced signing a Memorandum of Understanding (MoU) with Power Finance Corporation (PFC) for financial assistance for projects.

SJVN shares jumped as much as 9.13% to a record high of Rs 83.65 per share on the National Stock Exchange (NSE). The stock closed at Rs 82.10, 7.11% higher than the previous price on the NSE. 

In an exchange filing on Wednesday, the state-run power generation and transmission company said that it inked an MoU with PFC for financial assistance to a diversified portfolio of various projects, including renewable energy and thermal generation projects to be set up. The total cost of projects to be set up is about Rs 1,18,826 crore. 

As per the MoU, the term loan financial assistance is tentatively proposed at 70% of the project cost, which may be increased for renewable energy projects as per project requirements.

Shares of PFC also jumped up to 2% during the early trading hours at an intraday high of Rs 293.30. PFC shares ended the day at Rs 287.90, 0.17% higher than the previous closing price on the NSE.