Nimbus Projects to Convert Partnership Firm into Subsidiary

Nimbus Projects Ltd announced that its Board of Directors has approved the incorporation of a subsidiary, 'IITL Nimbus The Express Park View Private Limited'. This will be achieved by converting the existing partnership firm, IITL-Nimbus, The Express Park View, into a private limited company. Nimbus Projects will hold a 95% equity stake in the new subsidiary, which will continue the real estate development business. The conversion is subject to regulatory approvals, including the issuance of a Certificate of Incorporation by the Registrar of Companies. Nimbus Projects will receive 10,23,750 equity shares of Rs. 10 each in lieu of its capital contribution.