Moser Baer approves raising up to $125 mn

Moser Baer approves raising up to $125 mn

New Delhi: Loss-making Moser Baer India has approved raising up to $125 million by issuing equity or bonds in India or overseas, the compact disc (CD) maker said on Monday, sending its shares up as much as 4.8%.

The company has also approved getting into a consulting agreement with France-based Harcourt, it said in a statement to the Bombay Stock Exchange (BSE), without giving details.

Moser Baer, the world’s second-biggest maker of optical storage media, has been posting losses for the last five quarters, and has been forced to look more aggressively at expanding its solar business.

Moser Baer shares, valued at 370 crore, were up about 1% at 22.30 at 12:40 pm. They earlier touched a high of 23.15.