Nimbus Projects to convert JV partnership firm into subsidiary
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Nimbus Projects board approved converting its partnership firm IITL-Nimbus The Hyde Park Noida into a private limited company called IITL Nimbus The Hyde Park Private Limited. Upon conversion, the entity will become a 66.67% subsidiary of Nimbus Projects, with Mr. Bipin Agarwal holding the remaining 33.33%. NPL will receive 2.5 lakh equity shares of Rs 10 each in lieu of its Rs 25 lakh capital contribution. The new entity will continue real estate development work. Conversion is subject to RoC approval.
Routine restructuring of an existing JV into a subsidiary. No change in ownership or business operations. Minimal impact for shareholders.