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Infosys receives Rs 26.5 lakh IGST demand; IHC to sell stake in Adani units

Shares of Yatra Online finished below their IPO price during their trading debut on Thursday

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BS ReporterAgencies Mumbai

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Infosys in a regulatory filing today said that it has received a demand order for collection of GST along with interest and penalty. The total demand including penalty comes to Rs 37.75 lakh. The demand order cum penalty notice includes IGST of Rs 26.5 lakh. This also includes a penalty of Rs 2.65 lakh, and interest amount of Rs 8.6 lakh.

The reason for the demand from tax authorities is non-receipt of foreign inward remittance of export proceeds for the period between October 2021 – November 2021 within stipulated timelines, said the company in its filing on the Bombay Stock Exchanges.

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“There is no material impact on financials, operations or other activities of the company,” said the company in the filing of the impact of the demand on its financials and operations. 

IHC to sell stake in Adani Green, Adani Transmission

International Holding Company PJSC (IHC) of Abu Dhabi on Thursday informed stock exchanges that it has sold its shares in Adani Green Energy and Adani Transmission. It did not identify the buyer. IHC Capital Holding LLC, held a stake worth Rs 3,326 crore (at current market value) in Adani Green Energy and Adani Energy Solutions (formerly Adani Transmission) as on September 28. In May last year, IHC had invested Rs 15,400 crore in three Adani companies – Adani Green Energy, Adani Transmission and flagship, Adani Enterprises (AEL) and had made the investment via the preferential allotment route. Meanwhile, Adani Power's promoter group entities Fortitude Trade and Investment and Emerging Market Investment DMCC, have hiked their stake in the power generation firm by 2.21 per cent, according to BSE filings.  

Adani Group appoints new auditor for UK subsidiaries

Adani Group has switched the auditor of its main UK subsidiaries to the smaller London-based firm Ferguson Maidment & Co after previous auditor Crowe UK resigned in March, Financial Times reported. Ferguson Maidment & Co audited the annual accounts that Adani Energy Holdings and its subsidiaries filed with British government agency Companies House last month, FT reported. In August, Deloitte resigned as the auditor of Adani Ports, citing concerns over certain trans­actions flagged in the short-seller Hindenburg's report and after the company declined to undertake an independent inquiry on it.  

Valiant Lab IPO subscribed 71% on Day Two 

The initial public offering (IPO) of pharmaceutical ingredient manufacturing firm Valiant Labor­a­to­ries was subscribed 71 per cent on day two of sub­scription on Thursday. The initial share sale rece­ived bids for 5,425,770 shares against 7,623,030 units on offer, according to the National Stock Exchange data. The category for retail individual investors was subscribed 1.27 times, while the quota for non-institutional investors received 29 per cent subscription. The portion for qualified institutional buyers was subscribed 5 per cent.

Yatra Online slips 4% on debut

Shares of Yatra Online finished below their IPO price during their trading debut on Thursday. The stock finished at Rs 136, down Rs 6, or 4.2 per cent, over the issue price of Rs 142. The stock hit a high of Rs 138.6 and a low of Rs 127.5 on the NSE, where shares worth Rs 140 crore got traded. At the last close, the company was valued at Rs 2,133 crore.

Yatra’s weak listing follows tepid demand for its Rs 775-crore IPO. The issue managed to garner just 1.61 times subscription. The retail and institutional investor portions of the issue were subscribed 2.1 times each, while the high networth individual portion managed to garner just 42 per cent subscription. Yatra’s IPO consisted of fresh fund raise worth Rs 602 crore and an offer for sale worth Rs 173 crore. The company plans to utilise the IPO proceeds for strategic investments, acquisitions, and inorganic growth. It also plans to invest in customer acquisition and retention and on technology, and other organic growth initiatives. For the year ended March 2023, the company had reported net profit of Rs 7.6 crore on revenues of Rs 380 crore. Yatra is the country’s third largest consumer online travel company and a leading corporate travel service provider.

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First Published: Sep 28 2023 | 6:37 PM IST

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