Authorized its partnership firm IITL-Nimbus The Express Park View and acting as co-borrower regarding availing of secured loan/ credit facility of Rs. 9 crore (Rupees Nine Crore) from Aditya ....
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Nimbus Projects Ltd's board has approved its partnership firm IITL-Nimbus The Express Park View to avail a secured loan/credit facility of Rs. 9 crore from Aditya Birla Capital Limited, with Nimbus Projects acting as co-borrower. The loan carries an interest rate of 12% per annum for a tenure of 42 months and will be used for general business purposes. The facility is backed by significant security including first and exclusive charge on 117 unsold units at the Express Park View project in Greater Noida, mortgage on hotel property Golden Palm in Delhi valued at Rs. 64.58 crore, and a charge on receivables worth Rs. 203.59 crore. Personal guarantee from Mr. Bipin Agarwal and corporate guarantee from Indogreen International have also been provided.
While the Rs. 9 crore facility strengthens the partnership firm's liquidity for business operations, the company is exposing itself as a co-borrower, meaning it shares repayment responsibility. The 12% interest rate is on the higher side, and the substantial collateral coverage may limit future borrowing flexibility. Shareholders should note the increased debt obligations and associated security encumbrances on key project assets.