Nimbus Projects Limited Acts as Guarantor for Subsidiary's Loan Facility with ICICI Bank
Nimbus Projects Limited has finalized the terms and conditions for acting as a guarantor regarding a significant loan facility availed by its subsidiary entity, IITL-Nimbus, from ICICI Bank Limited. The agreement covers a term loan not exceeding Rs. 23.00 Crore.The Board of Directors of Nimbus Projects held a meeting on July 27, 2026, during which it finalized the terms for providing this guarantee. The facility involves two primary purposes. Firstly, the funds are intended to repay existing term loan facilities obtained by the Borrower from other lenders and are dedicated to ongoing projects within the Borrower Group (excluding costs related to land, Transferable Development Rights (TDR), or Floor Space Index (FSI)). Secondly, if a balance remains of the proposed loan, it is designated for funding the cost of current ongoing projects.
The financial details of the credit arrangement with ICICI Bank Limited are as follows:
| Particulars | Detail |
|---|---|
| Lender | ICICI Bank Limited |
| Total Term Loan Amount | Not exceeding Rs. 23.00 Crore |
| Interest Rate | 10.10% p.a. |
| Tenor/Duration | 36 months |
| Credit Arrangement Date | July 20, 2026 |
Security Details for the Loan Facility
To secure the facility and all interest, costs, charges, penal charges, and related monies, Nimbus Projects Limited specified several charges. The security provided includes:- A First Pari Passu charge by way of equitable mortgage on approximately 52,493.16 sq. mtrs. located at Plot No. GH-03, Sector CHI-V, Greater Noida, Gautam Budh Nagar, Uttar Pradesh.
- A First Pari Passu charge by way of equitable mortgage covering unsold units of the project, including any cancellations of sold units.
- A First Pari Passu charge by way of hypothecation on the future Scheduled Receivables of the Project and all insurance proceeds, both present and future.
- A First Pari Passu charge on the Project Escrow Accounts.
- An Exclusive charge by way of hypothecation on the DSR Account and all associated monies credited or deposited therein.
The comprehensive details of this credit arrangement and security structure were made available for public review on the Company's website.
NIMBSPROJ Stock Price Movement
Shares of Nimbus Projects Limited edged higher to close at ₹193.50 today, marking a gain of 1.84% in post-market trading. The equity traded within an intraday range of ₹190.00 to ₹193.50, with 1,096 shares recorded as the volume for the day.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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