Shares of Moser Baer India Ltd today surged 11 per cent after Moser Baer Projects,a firm founded by the promoters of company,said the US-based fund major Blackstone Group would invest USD 300 million in the company.
Boosted by the move,shares of Moser Baer India climbed 10.99 per cent to touch a month-high of Rs 69.15 on the Bombay Stock Exchange. It was later quoting at Rs 66.05,up 6.02 per cent.
On the National Stock Exchange,the company was trading at Rs 66,up 5.77 per cent.
Moser Baer Projects today said that New York-based Blackstone Group will invest USD 300 million in the company to part fund its expansion plans.
Moser Baer Projects has been founded by Deepak Puri and Ratul Puri,who are the promoters of Moser Baer India Ltd.