Technology firm Moser Baer India today said its photo-voltaic subsidiary has raised Rs 415 crore from a consortium of global investors to fund its expansion plans.
Moser Baer had entered into a definitive agreement with a consortium of investors, including Japanese firm Nomura and CDC group, for selling 6.5 per cent stake in its photo-voltaic unit for Rs 415 crore.
"The photovoltaic (PV) subsidiary has received in full the agreed capital injection of Rs 415 crore from a consortium of global investors to fund the capacity expansion of its crystalline silicon and thin-film solar verticals," Moser Baer said in a filing to the Bombay Stock Exchange.
The consortium includes global investors such as Nomura, CDC Group, Credit Suisse, Morgan Stanley, IDFC PE and IDFC. The company currently has an annual capacity of 120 MW.
and the equity transaction values Moser Baer's PV business at over Rs 6,350 crore ($1.44 billion), the company said.
It had also announced its plans to invest over Rs 1,774 crore ($400 million) during the current financial year to expand the capacity of its photo-voltaic unit.
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Earlier in 2007, the company had raised Rs 400 crore through private equity for the PV unit.
Moser Baer now has production lines in Greater Noida. It is also setting up a thin film photo-voltaic plant near Chennai with a proposed 500 MW annualised capacity.
Shares of the company were trading at Rs 129.80, down 2.81 per cent in the afternoon trade on the BSE.