Shares of Piramal Enterprises were trading in the green at 2% higher on 27 December after the company’s subsidiary acquired office space in Lower Parel, Mumbai, for a total consideration of Rs 875 crore.

In its regulatory filing, the company said that its wholly-owned subsidiary, Piramal Consumer Products, has agreed with AASAN Corporate Solutions to acquire Piramal Towers, which is an office space in Mumbai. This transaction will help the company and its subsidiary fulfil its future office space needs.

After the transaction, the subsidiary of the company will change its name to Piramal Tower Pvt Ltd, which is subject to availability.

The company is planning to utilise a certain portion of these office premises and expects to capitalise on the remaining space as and when it becomes available to meet the rising operating demands.

In its quarterly report for July-September, the company reported a net profit of Rs 48 crore for the quarter from Rs 1,537 crore net loss reported in the same quarter of the previous fiscal year.

The revenue from operations during the quarter stood at Rs 2,193 crore, which is a 16% year-on-year increase from Rs 1,893.71 crore reported in the same quarter of the previous financial year.

The company is a diversified Non-Banking Financial Company that is registered with the RBI (Reserve Bank of India) and has a strong presence across retail lending, wholesale lending, and fund-based platforms.

At 2:28 pm, the shares of Piramal Enterprises were trading 0.77% higher at Rs 909.25 on NSE.