Acquisition of shares of World Resorts Limited by the virtue of Scheme of Arrangement
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Nimbus Projects Ltd has acquired a 25.32% equity stake in World Resorts Limited (WRL) as a result of the amalgamation of nine transferor companies (including Gupta Fincaps, Urvashi Finvest, and others) into Nimbus, sanctioned by NCLT Delhi (Jan 23, 2025) and NCLT Kolkata (Apr 7, 2025). WRL operates in the hospitality industry, with a paid-up share capital of Rs. 67.75 crore and FY24 turnover of Rs. 31.48 crore (down from Rs. 35.81 crore in FY23). The acquisition was effected via a share swap — Nimbus issued equity shares to the shareholders of the transferor companies per the scheme's share exchange ratio — so no cash price applies. Post-acquisition, WRL has become an associate company of Nimbus Projects. The transaction is classified as a related party transaction (promoters hold interests in WRL), though conducted at arm's length.
This diversifies Nimbus Projects into the hospitality sector through a significant associate stake without any cash outflow, potentially boosting future income via associate accounting. Shareholders should note the related-party nature of the deal and monitor WRL's performance and its contribution to Nimbus's financials going forward.