New Delhi: Optical storage media manufacturer Moser Baer India said that it has sold 6.5% stake in its photo-voltaic unit for Rs411 crore to a consortium of investors including Japanese firm Nomura and CDC group.
“Moser Baer has entered into definitive agreements to raise Rs411 crore from a consortium of global investors including Nomura, CDC Group, Credit Suisse, Morgan Stanley, IDFC PE and IDFC”, Moser Baer group CFO Yogesh B Mathur said, adding that the transaction values Moser Baer photo-voltaic business at Rs6,350 crore.
The proceeds would be used for expanding the unit’s capacity.
Moser Baer shares closed at Rs116.20, up 9.47% on the Bombay Stock Exchange (BSE).
The company also announced that it would invest over Rs1,774 croreduring this fiscal to expand the capacity of its photo-voltaic unit.
“The company had raised Rs400 crore in November 2007 through private equity for the photo-voltaic unit and a part of that proceedings would also be used for the expansion,” Tarun Jaitly, Head, Group Capital Markets Moser Baer India said. Jaitly added that, in all, the wholly-owned subsidiary would have raised Rs811 crore of private funding.
“The rest of the amount would be raised through debt,” he added.