Availing pf secured loan/ credit facility of Rs.22 crore (Rupees Twenty Two Crores only) from Aditya Birla Capital Limited
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Nimbus Projects Ltd's Board has approved terms for a secured loan of Rs. 22 crore from Aditya Birla Capital Limited (ABCL), to be disbursed in tranches. The loan carries a floating interest rate of 11.25% per annum for a tenure of 42 months and is intended for general corporate purposes. The loan agreement was executed on May 27, 2025. Security includes first charge on unsold units at the Express Park View project in Greater Noida, mortgage on the Golden Palm hotel property in Delhi (valued at Rs. 66.81 crore), and charge on receivables worth Rs. 203.59 crore. The firm IITL-Nimbus The Express Park View will act as guarantor, alongside personal guarantee of Mr. Bipin Agarwal. The company is required to maintain a security cover of 1.96x and receivable cover of 2x.
This is fresh debt raising of Rs. 22 crore at 11.25% floating rate, increasing the company's leverage but providing liquidity for general corporate purposes. Shareholders should note the higher interest cost burden and the pledged assets backing the loan.