Moser Baer India to raise $100 million from QIBs

Optical storage device maker Moser Baer India proposes to raise $100 million from qualified institutional buyers (QIBs) through issue of equity shares or equity-linked instruments or FCCBs/GDRs/ADRs through the depository receipts mechanism.

The board of directors of Moser Baer India, at its meeting held on 11 January, approved the issue of equity or equity linked instruments, subject to shareholder and other necessary approvals.

"Subject to the approval of shareholders of the company and such other approvals as may be required to be obtained in this regard, the company may issue equity shares or equity linked instruments to qualified institutional buyers or FCCBs/GDRs/ADRs or equity shares through the depository receipts mechanism and/or other financial instruments convertible into or linked to equity shares for a value not exceeding US dollars 100 million," Moser Baer said in a filing with the Bombay Stock Exchange (BSE). 

New Delhi-based Moser Baer India Limited is one of theleading developers and manufacturers of removable data storage media in the world, and figures among the top three optical storage media manufacturers in the world. Its products include floppy disks, compact discs (CDs) and digital versatile discs (DVDs). It is a major distributor of data cartridges, and computer and magnetic tapes. The company is also one of the lowest-cost manufacturer of data storage devices.

Moser Baer has also set up two subsidieries - Moser Baer Photo Voltaic Limited (MBPV) and PV Technologies India Limited (PVTIL) - between 2005 and 2007, marking its entry into the renewable energy business.

The company expects to leverage its core competencies in high volume manufacturing of optical media products to create a world class photovoltaic manufacturing facility.