Moser Baer soars on $150 mn worth FCCB recast plan

Moser Baer India today rallied 4 to 5 percent in opening trade as the company is mulling restructuring of FCCBs in the near future. The company’s foreign currency convertible debentures issued in 2007 are due for maturity on June 21. The stock is currently up 5 percent at Rs 9.54 on the Bombay Stock Exchange.

“The company is considering undertaking restructuring of the bonds in the near future and for this purpose, the company has issued the general notice(s) to the trustees of the

bonds,” Moser Baer said in a filing to the BSE. These Foreign Currency Convertible Bonds comprise tranche A and B- each having $75 million zero-coupon bonds. The filing said the FCCBs mature on June 21.

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[caption id=“attachment_343031” align=“alignleft” width=“380” caption=“Last month, Moser Baer had said it plans to restructure over Rs 1,800 crore of its term debt.”]  [/caption]

Last month, Moser Baer had said it plans to restructure over Rs 1,800 crore of its term debt.

“We are looking at restructuring over Rs 1,800 crore of term debt that the company has through Corporate Debt Restructuring programme. This is almost half of the total Rs

3,500 crore debt,” Moser Baer Group CFO Yogesh Mathur had said. Banks are positive about the company’s future plans and Moser Baer is looking forward to speedy completion of the debt restructuring and thereafter, to consolidate business and cash flows, Mathur had said.

The company narrowed its loss for the quarter ended March 31, 2012 to Rs 59.60 crore from a loss of Rs 131.20 crore in the same quarter last year.It is bullish on the solar industry as the global PV market is forecast to witness substantial growth on account of higher installations anticipated in key markets such as the US, Germany and China.

The stock touched an intraday high of Rs 9.69 and an intraday low of Rs 9.19.Currently, it is trading -76.86% below its 52-week high and 8.43% above its 52-week low.

A diversified entity, Moser Baer has interests in optical storage media, consumer electronics and solar energy, among others. Moser Baer has a presence in over 82 countries.