Piramal Enterprises Ltd.'s board approved on Friday the issuance of non-convertible debentures aggregating up to Rs 2,000 crore, according to an exchange filing.
At a meeting, the administrative committee of the board of directors had approved public issuance of secured NCDs with a face value Rs 1,000 each in one or more tranches, it said.
Earlier this month, the company had informed via stock exchange filings that an order dated April 25, 2024, levying fine under Section 271B of the Income Tax Act was set aside and the assessing officer was "directed to delete the penalty of Rs 1.5 lakh".
In April, the company had received an order from the commissioner of income tax in Mumbai, levying a penalty of Rs 1.5 lakh. The fine was for the assessment year 2012-13 and was related to the matter of Paramount Pharma Pvt., which the company had merged with itself, a filing stated.
The company added that it had filed an appeal with Income Tax Appellate Tribunal, following which it had received an order stating that "penalty under Section 271B of the Act is not leviable".
In the second quarter of the current financial year, Piramal Enterprises' net profit had more than tripled to Rs 163 crore against Rs 48 crore in the year-ago period.
The non-banking financial company's core net interest income had risen 17% to Rs 881 crore. The net interest margin had increased to 5.1% from 4.7% in the year-ago period.
Shares of Piramal Enterprises closed 2.51% lower at Rs 1,093.65 apiece on the BSE, compared to a 1.49% decline in the benchmark Sensex.
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