Financial Daily from THE HINDU group of publications
Friday, Feb 06, 2004
Financial Daily from THE HINDU group of publications Friday, Feb 06, 2004 |
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Info-Tech
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Hardware Moser Baer ADR issue okayed Our Bureau
NEW DELHI: Moser Baer India Ltd, maker of optical media like compact disks, on Thursday said its shareholders approved a proposal to raise $150 million by issuing ADRs/GDRs. The company's board had in January this year cleared the plan to raise fresh funds for expansion of production capacity. Warburg Pincus LLC, a private equity firm, and its affiliates are investing $149 million in the company by subscribing to the ADR/GDR and warrants issue of Moser Baer. "Our shareholders cleared unanimously the proposals at the EGM today," a company official said. The EGM also approved enhancement in the authorised capital and issue of employee stock options, he said.
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