Outcome of board meeting dated 14.06.2025
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The Board of Himalaya Food International, via resolution by circulation on June 14, 2025, approved the conversion of the entire ₹1,701.23 lakhs of unsecured promoter loans into equity under the company's ongoing Rights Issue. The loans, originally given to help fund the One Time Settlement (OTS) with banks, are now being converted from three promoter lenders: Doon Valley Foods Pvt Ltd (₹1,336.95 lakhs), Mr. Man Mohan Malik (₹280 lakhs), and Mrs. Sangita Malik (₹84.28 lakhs). The revised total Rights Issue utilisation now stands at ₹3,993.23 lakhs, covering OTS payments to banks (₹1,798.77 lakhs), promoter loan conversion (₹1,701.23 lakhs), and general corporate purposes (₹493.23 lakhs).
This move strengthens the company's balance sheet by converting promoter debt into equity, reducing liabilities and improving financial stability. Existing shareholders may see some dilution from the rights issue, but the conversion signals promoter confidence in the company's long-term prospects.