Optical storage device maker Moser Baer India Ltd. will raise up to $150 million
through debt or equity issue to fund the company''s expansion plans, the company
said in a statement.
board of directors have approved the issue, the company said, adding it would
also issue one bonus share for every two existing shares held.
Baer, meanwhile, reported a net profit of Rs39.72 crore for the fourth quarter
ended March 31, compared to Rs35 lakh in the corresponding period of the previous
year - representing an over 100 per cent jump from the corresponding period of
the last fiscal.
revenues rose by nearly four per cent to Rs550.22 crore for the January-March
quarter as against Rs529 crore for the corresponding period of 2006, Moser Baer
said in a release.
fiscal 2007, the company clocked an over 23-times rise in profit after tax at
Rs109.79 crore, against Rs4.77 crore the preceding year.
revenue for the fiscal was Rs2,074.03 crore, an increase of 19.8 per cent over
Rs1, 731.24 crore in 2006, it added.
the quarter, the company established a wholly owned subsidiary, Moser Baer Investments,
for acquiring 100 per cent stake in Photovoltaic Holdings Plc and Moser Baer Solar
Plc in the Isle of Man. It also acquired 81 per cent stake in a Dutch company,
OM & TBV, through its subsidiary in Cyprus.
company is expecting a three-year compounded annual growth rate (CAGR) in revenues
of 25-35 per cent and a 30 per cent rise in EBIDTA margins. Moser Baer plans to
spend $40 million (Rs164 crore) to increase capacity to 3.4 billion discs per
photovoltaic business, the company expects the revenue to be in the range of $80-100
million (Rs410 crore) during next fiscal.
Baer shares ended 3.85 per cent up at Rs355.85 on the Bombay
Stock Exchnage (BSE). The market was closed on Tuesday and Wednesday for holidays.