Moser Baer to raise up to $150 million via equity/debt issue

02 May 2007

Mumbai: 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.

The board of directors have approved the issue, the company said, adding it would also issue one bonus share for every two existing shares held.

Moser 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.

Gross 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.

During 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.

Gross 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.