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Moser Baer Decides to Raise $165M

In a filing to the Bombay Stock Exchange, Moser Baer India Ltd. announced that, in addition to the $100 million (USD) it previously announced its intention to raise, it will seek to obtain a further $65 million (USD) in funding.

According to the January 30, 2010 filing, Moser Baer plans, subject to shareholder approval, to to issue up to $165 million (USD) in equity shares or equity linked instruments to qualified institutional buyers or Foreign Currency Convertible Bonds (FCCBs), Global Depositary Receipts (GDRs) and American Depositary Receipts (ADRs) or equity shares through the depository receipts mechanism and/or other financial instruments convertible into or linked to equity shares in one or more tranches.

The company states that the funds will be used to support its growth plans and for correcting its capital structure and strengthening its balance sheet.

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