Moser Baer Solar Plc, a subsidiary of optical storage device manufacturer Moser Baer India Ltd, said that the company’s board has sanctioned its plan to raise up to $150 million.

Moser Baer announced a net loss of Rs 78.90 crore for the fiscal 2007-08, as compared with the net profit of Rs 109.78 crore during the previous fiscal.

Total income fell to Rs 2,001.72 crore for the financial year ended March 31 from Rs 2,061.24 crore last year, it said in a filing to the Bombay Stock Exchange.

Shares of the company, on Friday (May 23), declined Rs 3.52% to settle at Rs 182.35 on the Bombay Stock Exchange (BSE). The 52-week high for the stock was at Rs 514.40, while the corresponding low stood at Rs 119.45.