nimbus projects has entered into a Memorandum of Understanding (MoU) with M/s Kaamag Pvt. Ltd. and M/s Maayins Real Estate Pvt. Ltd. to collaborate on a land development project. The agreement, dated May 21, 2026, pertains to a site near Radha Kund, Vrindavan, Govardhan, in the Mathura district of Uttar Pradesh.

Project Details

The proposed collaboration focuses on the development of approximately 25 acres of land located at Neemgaon, Tehsil Govardhan. Nimbus Projects Limited will be responsible for activities related to approvals, development, marketing, and other associated project functions. The project will be undertaken under a joint development and revenue sharing model.

Financial Terms

The company has proposed a specific payment structure as part of the agreement. The financial commitments include a non-refundable upfront amount payable upon the execution of a definitive joint development agreement, along with a security deposit.

Revenue Sharing Structure

The agreement outlines a clear division of the project's output between the involved parties. The revenue or constructed saleable area will be shared equally for both residential and commercial development segments.

The MoU is preliminary and non-binding in nature, except for specific clauses agreed upon by the parties. The final arrangement is subject to the completion of due diligence, title verification, receipt of regulatory approvals, and the execution of definitive agreements.

Nimbus Projects Limited disclosed on May 15, 2026, that four individuals categorised under its promoter group have filed formal applications seeking reclassification of their status from the 'Promoter Group' category to the 'Public' category. The disclosure was made to BSE Limited and the National Stock Exchange of India Limited in accordance with Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Applicants and Their Shareholding Details

The four applicants seeking reclassification are Mr. Nem Chand Jain, Mr. Sunil Jain, Mr. Anil Jain, and Mr. Raj Kumar Agarwal. Each applicant holds an individually small equity stake in the company. The table below summarises the shareholding details of each applicant as stated in their respective applications:

Each applicant has cited their insignificant shareholding and absence of involvement in the company's activities as the primary basis for seeking reclassification.

Confirmations Made by Each Applicant

In their individual application letters dated May 15, 2026, all four applicants have provided identical confirmations to the Board of Directors of Nimbus Projects Limited. Each applicant has confirmed that they:

• Do not hold more than 10% of the total voting rights in the company
• Do not exercise control over the affairs of the company, directly or indirectly
• Do not have any special rights with respect to the company through formal or informal arrangements, including through any shareholders' agreements
• Are not represented on the board of directors (including not having a nominee director) of the company
• Do not act as a key managerial person in the company
• Are not a 'wilful defaulter' as per the Reserve Bank of India Guidelines
• Are not a fugitive economic offender
• Have no pending regulatory action against them

Compliance Undertakings

Each applicant has further undertaken to continue complying with the conditions specified under sub-clauses (i), (ii), and (iii) of clause (b) of Regulation 31A(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 at all times from the date of reclassification. Additionally, each applicant has committed to complying with the conditions under sub-clauses (iv) and (v) of clause (b) of the said regulation for a period of not less than three years from the date of reclassification. Non-compliance with these conditions would result in the applicant being reclassified as a promoter or person belonging to the promoter group of the company.

Regulatory Process

Nimbus Projects Limited has been requested by the applicants to take the necessary steps for obtaining approval from the stock exchanges and SEBI to give effect to the reclassification. The disclosure was signed by Ritika Aggarwal, Company Secretary and Compliance Officer of Nimbus Projects Limited, on May 15, 2026.