Moser Baer approves raising up to $125 mn

New Delhi: Loss-making Moser Baer India has approved raising up to $125 million by issuing equity or bonds in India or overseas, the compact disc maker said on Monday, sending its shares up as much as 4.8 percent. The company has also approved getting into a consulting agreement with France-based Harcourt, it said in a statement to the Bombay Stock Exchange, without giving details. Moser Baer, the world’s second-biggest maker of optical storage media, has been posting losses for the last five quarters, and has been forced to look more aggressively at expanding its solar business. [caption id=“attachment_76446” align=“alignleft” width=“380” caption=“Reuters”]  [/caption] Moser Baer shares, valued at Rs370 crore, were up about 1 percent at Rs 22.30 at 12:40 pm. They earlier touched a high of Rs 23.15. Moser Baer India’s April-June net loss widened as raw material costs took a toll on the company’s expenses. The company’s  net loss for the period was Rs 92.21 crore compared with a loss of 87.84 crore a year earlier. Net sales, however, grew about 17 percent to Rs 523 crore , Moser Baer said in a statement. Reuters