Moser Baer to raise $150 million via GDR, foreign currency bonds

15 June 2007

Mumbai: Optical storage maker Moser Baer India Ltd is planning to raise $150 million through issue of securities in the overseas or domestic market.

The shareholders of the company at its annual general meeting on June 15 approved plans to raise $150 million in one or more tranches through issue or allotment of global depository receipts (GDRs), foreign currency convertible bonds (FCCBs) or other equity-linked securities, Moser Baer said in filing with the Bombay Stock Exchange (BSE).

Moser Baer India Ltd said the shareholders at the 24th annual general meeting (AGM) of the company held on June 15, have authorised the board to proceed with the offer, adding that subsequently, the board of directors of the company also cleared the proposal.

The offer my be made in one or more tranches, in either rupee denominated or foreign currency denominated issues, in the course of international and / or domestic offering(s) in one or more foreign markets, for a value of up to $150 million, by way of global depository receipts (GDRs), American depository receipts (ADRs), foreign currency convertible bonds (FCCBs), and / or equity shares through depository receipt mechanism and / or any other financial instruments (OFIs) convertible into or linked to equity shares or with or without detachable warrant with a right exercisable by the warrant holders to convert or subscribe to the equity shares or otherwise.