The administrative committee of Piramal Enterprises Ltd.'s board of directors on Friday approved the public issuance of non-convertible debentures worth Rs 2,000, according to an exchange filing. The bonds will have a face value Rs 1,000 each.
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".
The order was 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 2.11% lower at Rs 1,224.45 apiece on the BSE before the announcement, compared to a 1.3% decline in the benchmark Sensex.
(An earlier version of the story erroneously reported the board is yet to take the decision.)
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