Announced Mon, 27 Jul · 17:36 IST
Nimbus Projects to avail Rs 40 Cr term loan from ICICI Bank at 10.10%
NIMBSPROJ · price
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AI summary
Nimbus Projects board approved a term loan of up to Rs 40 Crore from ICICI Bank at 10.10% p.a. for 36 months. The loan will primarily repay existing term loans from other lenders used for ongoing project costs, with any balance funding projects. Group firm IITL-Nimbus The Express Park View will act as guarantor. Secured by pari passu charge on Greater Noida land, unsold units, future receivables and escrow accounts.
Likely market impact
Refinancing existing debt at 10.10% eases funding pressure on ongoing projects but adds guarantor obligation on a group firm.