Moser Baer India Ltd said that its wholly-owned photovoltaic subsidiary has raised Rs 411 crore. The group of companies such as Nomura, CDC Group, Credit Suisse, Morgan Stanley, IDFC PE and IDFC are acquiring a 6.5% stake in the company to collect funds for Moser Baer.

The company is expected to get additional amount of Rs 200 crore by the end of the financial year. The company wanted to use the acquired amount for expansion of its capex business. Moser Baer still retains 93.5% stake in the PV subsidiary after selling out some shares. The company will increase the capacity of its crystalline silicon and thin film solar verticals in near future.

Group CFO of Moser Baer, Mr Yogesh Mathur said that the company owns 80 MW capacities right now and it is planning to increase it to 180 MW. The company also intends to increase the thin film capacity by 16 MW.

The ongoing coax utility at Chennai is expected to deliver 500 MW Thin Film capacities by 2011. The company would also invest in growing solar market to get handsome revenue from the markets of developing and developed countries.

The shares of company gained 9.47% at Rs 116.20 on the BSE on Thursday.