Moser Baer to raise $150 mln

New Delhi, May 2: The Board of Directors of Moser Baer India today approved raising of capital up to 150 million dollars to finance its expansion and special projects through a mix of debt/equity and convertible instruments.

The Board also announced an issue of bonus shares in the ratio of 1:2 that is one share for every two shares held by capitalising a part of its reserves.

''The company's optical media business has reverted back to normal profitability and the new businesses have successfully taken off. With the positive outlook of our various businesses, the board felt it appropriate to issue bonus shares,'' Mr Deepak Puri, Chairman and Managing Director, Moser Baer India Ltd said.

However, the fund raising is subject to shareholders' approvals, the company said in a statement.

UNI