HALEOS LABS LIMITED has informed the Exchange regarding Notice of Postal Ballot
HALEOSLABS · price
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Haleos Labs Limited has initiated a postal ballot (via remote e-voting from March 31 to April 29, 2026) seeking shareholder approval to issue a corporate guarantee of up to USD 2.2 million (₹20 Crores) in favour of RBL Bank to secure an External Commercial Borrowing (ECB) facility availed by its 60% subsidiary, Mahi Drugs Private Limited. Mahi Drugs manufactures APIs and intermediaries, had a standalone turnover of ₹42.27 Crores and reported a loss of ₹3.44 Crores in FY25, with a credit rating of IVR BB+ (Stable). The guarantee, with a 72-month tenure (including 12-month moratorium), constitutes 5.80% of Haleos's consolidated turnover of ₹344.72 Crores and 47.31% of the subsidiary's turnover. Previous related party transactions between the two companies stood at ₹36.61 Crores in FY25 and ₹25.01 Crores till Q3 FY26. Results will be declared on May 1, 2026.
This approval will expose Haleos Labs to a contingent liability of ₹20 Crores if its loss-making subsidiary defaults on the ECB loan. While the guarantee helps the subsidiary access cheaper funding and is in ordinary course of business, the low credit rating and negative PAT of Mahi Drugs indicate some credit risk for the parent company.