Availing of unsecured Loan from World Resorts Limited, an Associate Company
NIMBSPROJ · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
Awaiting price reaction for this filing.
Nimbus Projects Ltd has approved availing an unsecured loan of Rs. 5 crore from World Resorts Limited (WRL), its associate company in which it holds a 25.32% stake. The loan will be drawn in one or more tranches, carries an interest rate of 10% per annum, and has a tenure of 2 years. The funds will be used for business purposes. The transaction qualifies as a related party transaction as two directors — Mr. Bipin Agarwal (MD) and Mr. Rajeev Kumar Asopa (Director) — serve on both companies' boards, with Mr. Agarwal also holding a 4.85% personal stake in WRL. The deal is being carried out at arm's length basis and is subject to shareholder approval.
This is a modest, short-term funding arrangement from a related/associate entity at a reasonable 10% interest rate, providing liquidity for business needs without requiring external collateral. For shareholders, the related-party nature and pending shareholder approval warrant attention, though the arm's length pricing limits governance concerns.