Tyre major MRF Ltd. has decided to raise 102 crore by issuing non-convertible debentures (NCDs) on a private placement basis, in one or more tranches.
The board of directors, at its meeting held on Friday, have approved raising of funds by way of issuance of NCDs on private placement basis, aggregating to an amount not exceeding 102 crore in one or more tranches, said the company in a regulatory filing.
During the second quarter, the standalone net profit of the company for the second quarter ended September 2019 dipped by 16.22% to 220.36 crore. Total income increased to 4,042 crore from 4,005 crore. The board has declared an interim dividend of 3 per equity share.
In a note, the company said corporate assessees were given the option to apply for lower income tax rate with effect from April, 1 2019. MRF was in the process of evaluating the impact of availing the said option and accordingly, no effect in this regard has presently been considered in the measurement of tax expense for the quarter, the company said in the note.
Shares of MRF gained 1.49% to close at 64,422.25 on the BSE on Friday.