Mumbai: Optical storage maker Moser Baer India Ltd is planning to raise $150 million through issue of securities in the overseas or domestic market.

The shareholders of the company at its annual general meeting on June 15 approved plans to raise $150 million in one or more tranches through issue or allotment of global depository receipts (GDRs), foreign currency convertible bonds (FCCBs) or other equity-linked securities, Moser Baer said in filing with the Bombay Stock Exchange (BSE).

Moser Baer India Ltd said the shareholders at the 24th annual general meeting (AGM) of the company held on June 15, have authorised the board to proceed with the offer, adding that subsequently, the board of directors of the company also cleared the proposal.

The offer my be made in one or more tranches, in either rupee denominated or foreign currency denominated issues, in the course of international and / or domestic offering(s) in one or more foreign markets, for a value of up to $150 million, by way of global depository receipts (GDRs), American depository receipts (ADRs), foreign currency convertible bonds (FCCBs), and / or equity shares through depository receipt mechanism and / or any other financial instruments (OFIs) convertible into or linked to equity shares or with or without detachable warrant with a right exercisable by the warrant holders to convert or subscribe to the equity shares or otherwise.

The issue may be made in the form of securities or any combination of securities to any person, including foreign / resident investors (whether institutions, incorporated bodies, mutual funds and / or individuals or otherwise), foreign institutional investors, promoters, Indian and / or multilateral financial institutions, mutual funds, non-resident Indians, employees of the company and / or any other categories of investors, the release said.

The issue and allotment would be made on the basis of the prevailing market conditions and other relevant factors wherever necessary in consultation with the lead managers, as the board in its absolute discretion may deem fit and appropriate, subject to necessary provisions and approvals.

Moser Baer is a world leader in the development and manufacture of removable data storage media. Incorporated in 1983, the company is today one of India''s leading technology companies and ranks among the top three optical storage media manufacturers in the world. Headquartered in New Delhi, it has a broad and robust product range of floppy disks, compact discs (CDs) and digital versatile discs (DVDs).

A pioneer among globalising Indian firms, Moser Baer has a presence in over 82 countries, serviced through six marketing offices in India, the US and Europe, and enjoys strong tie-ups with all major global technology brands.

With revenues growing at a five-year CAGR of over 42 per cent, Moser Baer India has emerged as the preferred choice in this burgeoning optical storage media market.