Loan & Debt27 Jul 2026, 05:40 pm
Nimbus Projects Guarantees ₹23 Cr Term Loan for Subsidiary
AI Summary
Nimbus Projects Ltd announced that its Board of Directors has approved acting as a guarantor for a term loan facility of up to ₹23.00 Crore for its subsidiary entity, The Express Park View. This loan, to be availed from ICICI Bank Limited, will be utilized for repaying existing term loans and funding ongoing projects within the Borrower Group. The loan has an interest rate of 10.10% per annum and a tenure of 36 months. Security for the loan includes first pari passu charges on land, unsold units, future receivables, and escrow accounts of the project, along with an exclusive charge on the DSR Account.
Key Highlights
- Nimbus Projects to guarantee ₹23 Cr term loan for subsidiary The Express Park View.
- Loan from ICICI Bank to fund project costs and repay existing debt.
- Interest rate set at 10.10% p.a. with a 36-month tenure.
- Significant collateral includes charges on land and project receivables.
Price Impact
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