Loan & Debt27 Jul 2026, 05:41 pm
Nimbus Projects Secures ₹40 Cr Term Loan from ICICI Bank
AI Summary
Nimbus Projects Ltd has announced that its Board of Directors has approved availing a term loan facility of up to ₹40 Crore from ICICI Bank Limited. The loan will be utilized for repaying existing term loan facilities and funding ongoing projects. The company's firm, IITL-Nimbus, The Express Park View, has been authorized to act as a guarantor for this loan. The facility is secured by charges on specific project land, unsold units, future receivables, and escrow/DSR accounts. The loan carries an interest rate of 10.10% per annum for a tenure of 36 months.
Key Highlights
- Nimbus Projects secures ₹40 Crore term loan from ICICI Bank.
- Loan proceeds to repay existing debt and fund ongoing projects.
- IITL-Nimbus authorized as guarantor for the facility.
- Loan secured by project assets and receivables.
- Interest rate is 10.10% p.a. for 36 months.
Price Impact
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