The Board of Directors of Nimbus Projects Limited approved acting as a guarantor for a secured term loan facility of up to ₹23.00 crore availed by its partnership firm subsidiary, IITL-Nimbus, The Express Park View. This decision, finalized during a board meeting held on July 27, 2026, enables the subsidiary to secure financing from ICICI Bank Limited at an interest rate of 10.10% per annum for a period of 36 months. The funds are designated for repaying existing term loans utilized for ongoing project costs and funding further project expenses, excluding land, TDR, and FSI costs.

This disclosure serves as a corrigendum to the company’s earlier intimation dated July 27, 2026, submitted pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The correction was issued in response to queries from the Bombay Stock Exchange regarding the specific commencement and conclusion times of the board meeting. The meeting commenced at 01:00 p.m. and concluded at 03:00 p.m. on July 27, 2026.

Loan Structure and Security

The credit arrangement, sanctioned via a letter dated July 20, 2026, involves the disbursement of the ₹23.00 crore term loan in various tranches over time. The facility is secured by multiple charges provided by the borrower, ensuring risk mitigation for the lender.

Financial Implications

The loan facility is structured to support the liquidity needs of the borrower group by refinancing existing debt while providing capital for ongoing construction activities. The interest rate of 10.10% per annum applies to the rupee term loan component. Nimbus Projects Limited’s role as guarantor exposes it to contingent liabilities up to the full amount of the facility, although the security structure places primary recourse on the project assets and receivables.

What the Numbers Show

The allocation of the ₹23.00 crore loan specifically excludes land, Transferable Development Rights (TDR), and Floor Space Index (FSI) costs from the repayment scope of existing loans. This suggests that the current borrowing is targeted strictly at operational and construction-related expenditures rather than land acquisition or regulatory premium payments. The reliance on first pari passu charges across multiple asset classes—land, unsold inventory, and receivables—indicates a comprehensive collateral package designed to secure the entire tenor of the 36-month facility.

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