Availing of short term loan facility availed by IITL-Nimbus, The Express Park View, Joint Venture Partnership Firm of the company from Nimbus (India) Limited, an associate of the company
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Nimbus Projects Ltd's board has approved a short-term unsecured loan of Rs. 25 Crore for its joint venture partnership firm, IITL-Nimbus The Express Park View (EPV), from Nimbus (India) Limited (NIL), an associate and promoter group company. The loan carries an interest rate of 11% per annum for a tenure of 1 year and will be used by EPV for business objectives and meeting payment obligations. Nimbus Projects holds 95% stake in the EPV joint venture, while NIL holds a 9.43% shareholding in Nimbus Projects. The transaction is a related party deal conducted at arm's length, subject to shareholder approval.
This is an internal group-level fund arrangement that may provide short-term liquidity support to the JV firm, but it also increases related-party transactions. The 11% interest rate is market-standard; shareholders should note this is a related-party transaction requiring their approval.