Moser Baer India spurted 9% to Rs 115.70 at 13:05 IST on BSE, after the company said its wholly owned photovoltaic subsidiary has signed a pact with consortium of global investors to raise Rs 411 crore.
The transaction values Moser Baer’s photovoltaic (PV) business at Rs 6,350 crore ($1.44 billion).
The company made this announcement during trading hours today, 3 September 2008.
The stock hit a high of Rs 117 and a low of Rs 105 so far during the day. The stock has a 52-week high of Rs 344.80 on 3 January 2008 and a 52-week low of Rs 87.90 on 1 August 2008.
The company’s current equity is Rs 168.30. Face value per share is Rs 10.
This fund raising follows the company’s previous private equity funding transaction of Rs 400 crore in November 2007. With this infusion, the company plans to expand its capacity of crystalline silicon cell to 180 megawatt (MW) and amorphous silicon thin film to 120 MW.
In June 2008, the company signed an agreement with Tamil Nadu government for setting up a Rs 2,000 crore plant at Oragadam near Chennai, to produce nano materials and photovoltaic products.
In April 2008, Moser Baer Photo Voltaic, a subsidiary of Moser Baer India, signed a ten-year agreement with China-based LDK Solar for purchase of high-quality multi-crystalline silicon wafers.
Moser Baer India reported a net loss of Rs 103.98 crore in Q1 June 2008 as against net profit of Rs 9.64 crore in Q1 June 2007. Net sales rose 2.1% to Rs 478.93 crore in Q1 June 2008 over Q1 June 2007.
The company manufactures storage media for data applications and audio/video applications. It is India's second largest manufacturer of IT & entertainment peripherals in terms of sales.
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