Disclosure under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015-Availing of secured loan/ credit facility of Rs.7.45 crore and 25.00 Lakh
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Nimbus Projects Ltd's board has approved availing two secured credit facilities worth a total of Rs. 7.70 crore (Rs. 7.45 crore + Rs. 25 lakh) from Aditya Birla Capital Limited. The loans will be drawn in tranches at a floating interest rate of 12% per annum over a 42-month tenure, and will be used for general corporate purposes. Security is backed by an equitable mortgage on the hotel property 'Golden Palm' in Patparganj, Delhi, and on unsold units plus receivables of the 'Express Park View' residential project in Greater Noida. The facilities are co-borrowed by IITL-Nimbus (The Express Park View) and carry a personal guarantee from Mr. Bipin Agarwal along with corporate guarantees from related entities.
This is a fresh borrowing that adds Rs. 7.70 crore of debt to the company's books at a relatively high 12% rate, increasing interest expenses and leverage. However, the tenure of 42 months provides reasonable repayment flexibility, and the funds are for general corporate purposes which could support business operations.