Nimbus Projects Ltd Avails ₹60 Cr Loan from Associate Nimbus India
Nimbus Projects Ltd announced that its Board of Directors has approved availing an unsecured loan facility of up to ₹60.00 Crore (₹6000 Lacs) from its associate company, Nimbus (India) Limited. The loan will be disbursed in tranches at an interest rate of 12% per annum for a period of 2 years. Nimbus (India) Limited is an RBI-registered NBFC and a promoter group company. Nimbus Projects Limited holds a 42.69% stake in Nimbus (India) Limited, while Nimbus (India) Limited holds 9.43% in Nimbus Projects Limited. The transaction has been deemed a related party transaction and has received shareholder approval via a special resolution at the 33rd AGM. The loan is for business purposes and is being carried out on an arm's length basis.
Key Highlights
- Nimbus Projects to borrow ₹60 Cr from associate Nimbus India.
- Loan secured at 12% interest for a 2-year tenure.
- Transaction is a related party deal, approved by shareholders.
- Funds are for general business purposes.
- Both companies share common directors and promoter group status.
Price Impact
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