Nimbus Projects Limited Converts Partnership Firm into Private Limited Subsidiary
Nimbus Projects Limited has approved the conversion of a key partnership firm, IITL-Nimbus, The Palm Village, into a private limited company. The move establishes IITL Nimbus The Palm Village Private Limited as a dedicated subsidiary within the Real Estate Industry.The decision, formalized by the Company's Board of Directors, involves transitioning the existing partnership entity into a formal corporate structure under Indian law. This transformation aims to streamline the operational structure for real estate development and consultancy projects.
Nimbus Projects Limited (NPL) will take control of the newly incorporated company. The proposed subsidiary, IITL Nimbus The Palm Village Private Limited, will be held by NPL in exchange for its capital contribution from the original partnership firm.
The structure and financial details surrounding this conversion are as follows:
| Aspect | Details |
|---|---|
| Proposed Subsidiary Name | IITL Nimbus The Palm Village Private Limited |
| Industry | Real Estate Industry |
| Holding Company | Nimbus Projects Limited (NPL) |
| Stake Held by NPL | 95% of Equity Shares |
In the conversion process, NPL contributed Rs. 1,00,00,000/- to the firm in exchange for equity shares in the new company. As part of the consideration, Nimbus Projects Limited will receive 10,00,000 Equity shares, valued at Rs. 10/- each.
The proposed company is set to continue undertaking real estate development activities, including construction, acquisition, sales, leasing, and management across residential and commercial projects, alongside providing related consultancy services. The firm currently operates as a joint venture partnership, with Nimbus Projects Limited holding 95% of the capital contribution and Mr. Bipin Agarwal contributing 5%.
NIMBSPROJ Stock Price Movement
Nimbus Projects Limited closed today after trading higher, posting a solid 1.84% gain and settling at ₹193.50. The stock saw a total traded volume of 1,096 shares during the session.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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