34th Annual Report of the company
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Himalaya Food International has filed its 34th Annual Report for FY 2024-25 along with the notice for its 34th AGM, scheduled for September 30, 2025 via video conferencing. In the MD's message, the company highlighted clear signs of recovery, including a new market diversification strategy to reduce US tariff exposure by re-entering India and opening new export markets. A new French Fry line with 54,000 MT annual capacity is expected to be ready before the March 2026 potato season. A recently completed Rights Issue helped fund the One Time Settlement (OTS) with banks, with SBI already approving its portion and 50% of OTS paid; balance to be paid in the current FY. AGM special business includes sale of the Shubhkhera (Himachal Pradesh) unit and non-core land assets, increasing authorised share capital from Rs. 90 Cr to Rs. 125 Cr, raising up to Rs. 40 Cr via a fresh Rights/Follow-on issue, promoter group loan of up to Rs. 20 Cr with optional equity conversion, revision in MD remuneration, and appointment of new statutory auditors (M/s Garg Bros & Associates).
Shareholders will vote on several capital-structuring changes (authorised capital hike, fresh equity raise, promoter loan-to-equity, asset sale) that aim to make the company debt-free and fund French Fry expansion, which could meaningfully scale future revenue but also dilute existing holdings if fully subscribed. Approval of the asset sale and OTS progress are positive signals for deleveraging, while pending legal matters (Simplot, insurance claim) remain overhangs.