Announced Mon, 27 Jul · 17:38 IST
Guarantor for subsidiary 23 Crore term loan from ICICI Bank
NIMBSPROJ · price
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AI summary
Nimbus Projects board approved acting as guarantor for partnership firm IITL-Nimbus The Express Park View, a subsidiary entity, to avail a term loan of up to Rs 23 crore from ICICI Bank at 10.10 percent annual interest for 36 months. Proceeds will repay existing loans of the borrower group and fund ongoing project costs. Security includes first pari passu charges on Greater Noida project land, unsold units, future receivables, and escrow accounts.
Likely market impact
Parent guarantees 23 crore subsidiary debt; refinances existing facility but adds contingent liability on company balance sheet.