Nimbus Projects to convert JV partnership firm into subsidiary
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Nimbus Projects board approved converting its existing JV partnership firm IITL-Nimbus The Express Park View into a private limited subsidiary called IITL Nimbus The Express Park View Private Limited. NPL holds 95 percent (capital contribution of about Rs 1.02 crore) and will get 10.23 lakh equity shares of Rs 10 each. The new subsidiary will continue the real estate development business including construction, sale and leasing of residential and commercial projects.
Restructuring of an existing JV into a subsidiary with no fresh capital infusion. Limited immediate impact on shareholders.