Nimbus Projects Limited issued a corrigendum on July 28, 2026, to clarify the specific timing of its Board of Directors meeting held on July 27, 2026. The meeting, which commenced at 1:00 p.m. and concluded at 3:00 p.m., approved the availing of a term loan facility of up to ₹40 crore from ICICI Bank Limited. This disclosure addresses a query from the Bombay Stock Exchange regarding the exact start and end times of the proceedings, ensuring full compliance with regulatory reporting standards.

The financing arrangement, sanctioned via a credit letter dated July 20, 2026, carries an interest rate of 10.10% per annum and has a tenure of 36 months. The funds are primarily intended for refinancing existing debt obligations related to ongoing real estate projects, excluding land, TDR, and FSI costs. Any remaining balance from the facility will be utilized to fund further project development costs. The company’s firm, IITL-Nimbus, The Express Park View, has been authorized to act as a guarantor for this transaction.

Loan Facility Details

To secure the facility, Nimbus Projects Limited has offered a comprehensive security package. This includes 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, Uttar Pradesh. Additionally, the lender holds a first pari passu charge on unsold project units, including any cancellations of sold units. Hypothecation covers future scheduled receivables, insurance proceeds, and the project’s Escrow Accounts. An exclusive charge is placed on the Debt Service Reserve (DSR) Account and all monies credited therein.

Regulatory Compliance

The corrigendum was filed pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Ritika Aggarwal, Company Secretary & Compliance Officer of Nimbus Projects Limited, signed the document on July 28, 2026. The clarification ensures that all stakeholders have accurate records of the corporate governance process behind the significant financing decision.

What the Numbers Show

The precise timing of the board meeting underscores the company’s commitment to transparent regulatory communication. By securing a fixed interest rate of 10.10% for three years, Nimbus Projects Limited stabilizes its cost of capital for ongoing developments. The involvement of IITL-Nimbus as a guarantor strengthens the credit structure, potentially mitigating risk for the lender while allowing the borrower to maintain liquidity for construction activities without immediate cash outflow pressure.

Source: https://lodr-files.dhan.co/lodr-inputs/Company/INE875B01015/f3f623c0-5182-4740-9a7e-f44c74486cee.pdf

Nimbus Projects Limited issued a corrigendum on July 28, 2026, to clarify the timing of its Board of Directors meeting held on July 27. The Board convened from 1:00 p.m. to 3:00 p.m. to approve the incorporation of IITL Nimbus The Hyde Park Private Limited, a subsidiary formed by converting an existing partnership firm. This structural change formalizes the joint venture for real estate development in Noida, allowing Nimbus Projects to hold a 66.67% equity stake instead of partnership capital.

The disclosure 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. It 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 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 ₹25,00,000/-, comprising 2,50,000 equity shares of ₹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 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.