Joint Venture24 Feb 2025, 06:52 pm
Nimbus Projects Ltd. Varies Capital Contribution Terms of Joint Venture Partnership Firms
AI Summary
Nimbus Projects Ltd. has announced varying the terms and conditions of capital contribution of IITL-Nimbus, The Palm Village and IITL-Nimbus, The Express Park View. The Board of Directors approved the proposal, which allows the company to contribute capital in the firms in one or more tranches, not exceeding Rs. 25.00 Crore and not falling below Rs.1.00 Crore. Control over the firms will remain 95% of the capital contribution. The decision is taken to provide funds for new projects. The transaction is material and requires shareholder approval.
Key Highlights
- Nimbus Projects Ltd. varies terms and conditions of capital contribution for IITL-Nimbus, The Palm Village and IITL-Nimbus, The Express Park View.
- The Board of Directors approved the varying of capital contribution, which allows contributing capital in one or more tranches.
- The maximum capital contribution should not exceed Rs. 25.00 Crore, and the minimum should not fall below Rs.1.00 Crore.
- Control over the firms will remain 95% of the capital contribution.
- The decision is taken to provide funds for new projects and requires shareholder approval.