General Announcement For Promoter Group Three Lenders Consent to Convert Rs. 17.01 Cr Loan into Right Issue Entitlements
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Three lenders belonging to the promoter group of Himalaya Food International have agreed to convert their outstanding loan of Rs. 17.01 crore into the promoter's Rights Issue entitlements. This loan was originally given to the company to make a One Time Settlement (OTS) payment to banks before the Rights Issue. By converting the debt into equity entitlement, the promoters avoid bringing in fresh cash for their share of the Rights Issue. The move aligns lender and equity-holder interests and supports smoother execution of the ongoing Rights Issue.
This is a positive signal of promoter confidence and backing of the company's capital-raising plans. Shareholders should note it strengthens the Rights Issue process and may reduce the chance of under-subscription from the promoter side, though actual dilution and pricing details will matter more for the stock.