Subsidiary28 Jul 2026, 04:23 pm
Nimbus Projects to convert partnership firm into subsidiary
AI Summary
Nimbus Projects Ltd announced the approval by its Board of Directors to incorporate a subsidiary company by converting the partnership firm IITL-Nimbus, The Express Park View into a private limited company. The new entity will be named "IITL Nimbus The Express Park View Private Limited". Nimbus Projects will hold 95% of the paid-up equity capital in the subsidiary, which will continue to operate in the real estate development sector. The conversion is subject to statutory and regulatory approvals. Nimbus Projects will receive 10,23,750 equity shares of Rs. 10 each in lieu of its capital contribution of Rs. 1,02,37,500/- in the firm.
Key Highlights
- Board approves conversion of partnership firm into a private limited subsidiary.
- New subsidiary to be named IITL Nimbus The Express Park View Private Limited.
- Nimbus Projects will hold 95% equity in the new subsidiary.
- Subsidiary will focus on real estate development business.
- Conversion involves equity share allotment in lieu of capital contribution.
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