Acquisition of shares of Nimbus India Limited by the virtue of Scheme of Arrangement .
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Nimbus Projects Ltd has acquired a 42.69% stake in Nimbus (India) Limited, making it an associate company. This acquisition happened through a court-approved Scheme of Arrangement where nine transferor companies (including Padma Estates Pvt Ltd, which held the 42.69% stake) amalgamated into Nimbus Projects. The NCLT New Delhi and Kolkata Benches sanctioned the scheme in January-April 2025. Nimbus (India) Limited operates in the finance sector, was incorporated in 1994, and saw its turnover grow sharply from Rs. 3.62 crore (FY22) to Rs. 6.54 crore (FY23) to Rs. 17.61 crore (FY24). The transaction is a related party deal (promoters of Nimbus Projects have interests in Nimbus India), though conducted at arm's length, with no cash cost since it was executed via a share swap under the scheme.
Nimbus Projects now has a meaningful 42.69% associate company in the finance sector with a growing revenue base, potentially adding value to the consolidated books. Shareholders should note the related-party nature of the transaction, though it is backstopped by an NCLT-approved scheme rather than discretionary management action.