Loan & Debt28 Jul 2026, 04:40 pm
Nimbus Projects Acts as Guarantor for ₹23 Cr Loan from ICICI Bank
AI Summary
Nimbus Projects Ltd has issued a corrigendum regarding its earlier intimation about acting as a guarantor for a secured loan. The Board of Directors, in a meeting held on July 27, 2026, finalized terms for Nimbus Projects to act as a guarantor for its subsidiary, IITL-Nimbus, The Express Park View. This subsidiary will avail a term loan facility of up to ₹23.00 Crore from ICICI Bank Limited. The loan's purpose is to repay existing term loan facilities utilized for ongoing projects and cover transaction-related expenses. The facility carries an interest rate of 10.10% per annum for a tenure of 36 months and will be secured by various charges on project assets.
Key Highlights
- Nimbus Projects to guarantee a ₹23 Cr term loan for its subsidiary.
- Loan facility secured from ICICI Bank Limited.
- Interest rate set at 10.10% p.a. for a 36-month tenure.
- Loan proceeds to fund ongoing projects and related expenses.
- Security includes equitable mortgage and hypothecation of project assets.
Price Impact
More from NIMBSPROJ