The Board of Directors of Nimbus Projects Limited approved the availing of a term loan facility of up to ₹40 crore from ICICI Bank Limited during its meeting held on July 27, 2026. This financing move is designed to optimize the company’s capital structure by refinancing existing debt and providing liquidity for ongoing real estate developments. The approval ensures continued funding for the Borrower Group’s projects while managing transaction-related expenses effectively.

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company disclosed that the credit arrangement letter was issued on July 20, 2026. The facility carries an interest rate of 10.10% per annum and has a tenure of 36 months. The loan will be disbursed in various tranches from time to time. Additionally, the Board authorized its firm, IITL-Nimbus, The Express Park View, to act as a guarantor for the aforementioned loan facility.

The primary purpose of the ₹40 crore loan is twofold. First, up to ₹40.00 crore will be utilized towards the repayment of term loan facilities previously availed from other lenders, which were used for the cost of ongoing projects excluding land, TDR, and FSI costs, as well as transaction-related expenses. Second, any balance amount from the proposed loan will be utilized towards funding the cost of ongoing projects.

To secure the facility, Nimbus Projects Limited has offered multiple charges. These include a first pari passu charge by way of equitable mortgage on approximately 52,493.16 square meters located at Plot No. GH-03, Sector CHI-V, Greater Noida, Gautam Budh Nagar, Uttar Pradesh. The security package also includes a first pari passu charge on unsold units of the project, hypothecation on future scheduled receivables and insurance proceeds, and hypothecation on the project’s Escrow Accounts. Furthermore, an exclusive charge by way of hypothecation is placed on the Debt Service Reserve (DSR) Account and all monies credited therein.

Loan Facility Details

Security Structure

The comprehensive security structure underscores the bank’s risk mitigation strategy. Beyond the equitable mortgage on the Greater Noida plot, the lender holds rights over unsold units, including any cancellations of sold units. The hypothecation extends to future scheduled receivables and all insurance proceeds, both present and future. The escrow accounts are also hypothecated on a first pari passu basis. Finally, the DSR Account, along with all investments made from monies deposited therein, is subject to an exclusive charge, ensuring dedicated funds for debt servicing.

What the Numbers Show

The decision to refinance existing debt through this new facility suggests a strategic shift in managing the cost of capital or extending maturities. By securing a fixed interest rate of 10.10% p.a. for a 36-month period, Nimbus Projects Limited locks in financing costs for its ongoing projects. The inclusion of IITL-Nimbus, The Express Park View, as a guarantor indicates internal corporate support mechanisms to strengthen the credit profile of the borrower. This structured approach allows the company to maintain momentum on its development pipeline without disrupting cash flows required for immediate construction costs.

The Board of Directors of Nimbus Projects Limited approved the incorporation of a new subsidiary, IITL Nimbus The Hyde Park Private Limited, during a meeting held on July 27, 2026. The decision involves converting the existing partnership firm, IITL-Nimbus, The Hyde Park Noida, into a private limited company under the Companies Act, 2013. This structural change formalizes the joint venture arrangement for real estate development projects in Noida, allowing Nimbus Projects to hold its stake through equity shares rather than partnership capital.

The filing was made pursuant to Regulation 30 read with Schedule III of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The disclosure also references SEBI Circular No. SEBI/HO/CFD/CFD-PoD-2/P/CIR/2025/376 dated January 30, 2026. The conversion is subject to the issuance of the Certificate of Incorporation by the Registrar of Companies and other statutory approvals.

Upon incorporation, Nimbus Projects Limited will hold 66.67% of the paid-up equity capital in the proposed company, making it a subsidiary. Mr. Bipin Agarwal will retain the remaining 33.33% stake. The new entity will continue the business of the former partnership firm, focusing on real estate development, including construction, acquisition, sale, leasing, and management of residential and commercial properties.

Shareholding and Capital Structure

Nimbus Projects will receive equity shares in lieu of its existing capital contribution in the partnership firm. The details of the shareholding structure are outlined below:

The subscription cost for Nimbus Projects is Rs. 25,00,000/-, comprising 2,50,000 equity shares of Rs. 10/- each. This amount corresponds to the company's existing capital contribution in the partnership firm.

What the Numbers Show

The conversion from a partnership to a private limited company indicates a strategic move towards greater corporate governance and potential scalability for the joint venture. By securing a two-thirds majority stake (66.67%), Nimbus Projects Limited ensures control over the subsidiary's operations while maintaining a collaborative framework with Mr. Bipin Agarwal. This structure aligns with standard practices for listed entities entering long-term real estate developments, providing clearer audit trails and regulatory compliance compared to partnership models.