Indirect acquisition of shares of IITL Projects Limited by the virtue of Scheme of Arrangement
NIMBSPROJ · price
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Nimbus Projects Ltd has indirectly acquired 71.88% of IITL Projects Limited through a court-approved scheme of arrangement. The scheme merges nine transferor companies (Gupta Fincaps, Urvashi Finvest, Intellectual Securities, Happy Graphics, Link Vanijya, Dynamo Infracon, Pushpak Trading, Mokha Vyapaar, and Padma Estates) into Nimbus Projects. These transferor firms together held about 36.75% of Industrial Investment Trust Limited (IITL), which in turn owns 71.74% of IITL Projects — hence the 71.88% indirect stake. The scheme was approved by NCLT Delhi (Jan 23, 2025) and NCLT Kolkata (April 7, 2025). The acquisition is a related party transaction done at arm's length, with no cash cost — shareholders of the merged entities get Nimbus shares in exchange as per pre-set swap ratios. IITL Projects is a real estate company (incorporated 1994) with FY24 revenue of around Rs. 2.50 crore.
This is a structural consolidation, not a fresh cash deal, so there is no immediate cost to Nimbus Projects. However, it is a related-party transaction involving promoter-linked entities, so retail investors should watch for any related disclosures on share swap ratios, consolidated financials going forward, and how the now-larger real estate exposure plays out at the group level.