Nimbus Projects Limited has informed the Exchange regarding availing of term loan facility
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Nimbus Projects Limited's board has approved availing a term loan facility of Rs. 250 Crore from Piramal Finance Limited. The loan is structured in two tranches - Rs. 200 Crore at 13% p.a. fixed interest and Rs. 50 Crore at 11.75% p.a. fixed interest, with a tenure of 48 months. The funds will be used for general corporate purposes, with IITL-Nimbus, The Palm Village as a co-borrower. Security includes mortgage over 11.8 acres of leasehold land in Sector 22A, Yamuna Expressway, hypothecation of project receivables, and personal guarantees from promoters Mr. Bipin Aggarwal and Mr. Sahil Aggarwal.
The company is taking on significant new debt of Rs. 250 Crore at relatively high interest rates (13% and 11.75%), which increases its financial obligations. The loan provides liquidity for corporate purposes but adds leverage that shareholders should monitor.