Moser Baer India Ltd to raise upto $125 million

The Board of Directors of the Company at its meeting held on June 02, 2015, has approved the proposal for passing resolution by Shareholders subject to necessary regulatory and / or other approvals, enabling the company to issue and allot equity shares, warrants, non-convertible debentures, Foreign Currency Convertible Bonds which are convertible into equity shares, American Depository Receipts and Global Depository Receipts reflected by underlying equity shares of the Company or other securities convertible into equity shares of the Company etc. for an aggregate value of upto USD 125 million with an object of restructuring of existing debt/ securities (by amending the terms of the outstanding and / or issuance of new in exchange for outstanding) and / or raising long term resources through issue and allotment of further securities in one or more tranches.

Pursuant to changes in applicable regulatory requirements and prevailing market conditions, the Board has proposed resolutions for the approval of the shareholders at the ensuing Annual General Meeting, to terminate the existing ESOP / DSOP schemes and approval of a new of ESOP 2015 scheme for the employees of the Company and its subsidiaries.

Shares of MOSER BAER INDIA LTD. was last trading in BSE at Rs.10.6 as compared to the previous close of Rs. 11.55. The total number of shares traded during the day was 469083 in over 904 trades.

The stock hit an intraday high of Rs. 11.93 and intraday low of 10.4. The net turnover during the day was Rs. 5147967.

Source : Equity Bulls

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