Outcome of board meeting of Himalya International

Held on 28 October 2017

The Board of Himalya International at its meeting held on 28 October 2017 transacted the following -

The Board reviewed the proposal for demerger of assets pending at NCLT and decided to shelve the proposal in face of legal resistance.

The Board directed to sell the agriculture land and plow back the cash raised to strengthen core business and put all dormant lines into operations within next 6 months.

The Board approved to raise Rs 9 crore by way of preferential issue of 3 million share warrants at Rs 30 per share to the promoters and other investors to augment quick cash for opreations.

The Board advised for improving efficiencies in next 2 quarters and then explore raising funds through debentures convertible to equity in FY 2019-20 to a) enhance working capital b) for brand building and advertising c) to complete the project for separate FF line under EoU / EPCG machinery for which was imported in FY 2013/14 laying in containers at Gujarat d) to add and enhance human resources in quality production and marketing e) to repay part of the high cost debt.

The Board approved appointment of Akhil Gupta, Keshav Sharma, Sanjiv Kakkar and Surendra Kaushik as Additional Directors of the Company.

Fixed EGM on 29 November 2017 for seeking shareholders approval on preferential issue of warrants and regularisation of directors.

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