Indirect Acquisition of shares of Industrial Investment Trust Limited by the virtue of Scheme of Arrangement
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 Limited has indirectly acquired a 36.75% equity stake in Industrial Investment Trust Limited (IITL) through a court-approved Scheme of Arrangement. The scheme involved the amalgamation of nine Transferor Companies (including Gupta Fincaps, Urvashi Finvest, Intellectual Securities, Happy Graphics, Link Vanijya, Dynamo Infracon, Pushpak Trading, Mokha Vyapaar and Padma Estates) into Nimbus Projects, with the scheme sanctioned by NCLT Delhi (23.01.2025) and NCLT Kolkata (07.04.2025). The acquisition happened because some Transferor Companies held 0.60% in IITL directly and a combined 66.16% stake in N.N. Financial Services, which in turn holds 36.15% of IITL. Consideration was paid via share swap based on exchange ratios specified in the scheme, with no cash involved. IITL is a finance sector company incorporated in 1933, with FY24 revenue from operations of about Rs. 37.48 crore and turnover of Rs. 23.28 crore.
Shareholders of Nimbus Projects now have indirect exposure to a finance-sector entity (IITL), effectively expanding the company's business footprint beyond its core activities. Since the deal was a share-swap amalgamation rather than a cash purchase and involves related parties, existing shareholders should note potential dilution from new shares issued to Transferor Company shareholders, though promoters confirm the transaction was conducted at arm's length.