Partnership29 Sept 2024, 12:02 am
Nimbus Projects Ltd. to Borrow Rs. 24 Crores from Aditya Birla Finance Limited
AI Summary
Nimbus Projects Ltd. has finalized the terms and conditions to act as a co-borrower and authorize its partnership firm IITL-Nimbus The Express Park View to avail a secured loan/credit facility of Rs. 24 crores from Aditya Birla Finance Limited. The loan, which will bear an interest rate of 13% per annum, will be utilized for general corporate purposes and ongoing projects of the firm. The tenure of the loan is 48 months, including a 12-month moratorium period. The company will provide a first and exclusive charge on unsold units and receivables of the Express Park View project, along with personal guarantees from Mr. Bipin Agarwal and M/s Indogreen International.
Key Highlights
- Nimbus Projects Ltd. to borrow Rs. 24 crores from Aditya Birla Finance Limited
- Loan to be utilized for general corporate purposes and ongoing projects
- Interest rate set at 13% per annum
- Loan tenure is 48 months with a 12-month moratorium period
- Secured by first and exclusive charge on unsold units, receivables, and personal guarantees