Board Approval Details
The Board of Directors of Nimbus Projects Limited approved the availing of a term loan facility in their meeting held on May 27, 2026 (Wednesday).
Loan Facility Details
- Total Loan Amount: ₹250 Crore (Rupees Two Hundred Fifty Crore Only)
- Lender: Piramal Finance Limited
- Facility Structure: Two tranches
- Facility 1: ₹200 Crore
- Facility 2: ₹50 Crore
- Interest Rates:
- Facility 1: 13.00% per annum fixed
- Facility 2: 11.75% per annum fixed
- Tenure: 48 months
Purpose of Loan
The term loan facility shall be utilized by Nimbus Projects Limited for general corporate purpose.
Co-Borrower Arrangement
The board authorized the company's firm IITL-Nimbus, The Palm Village to act as co-borrower for availing the above-mentioned loan.
Security Provided
The loan is secured by:
- Mortgage over leasehold land of underlying project (The Palm Village) spread over 11.8 acres located in Sector 22A, Yamuna Expressway
- Hypothecation of project receivables
- 100% hypothecation of partnership interest of 'IITL-Nimbus, The Palm Village'
- Personal Guarantee of Mr. Bipin Aggarwal and Mr. Sahil Aggarwal
- Charge over the Escrow Account as permitted under applicable law
- Post-dated/undated cheques for scheduled interest and principal payments
- Demand Promissory Note
- Shortfall undertaking from Promoters
- Any other security/rights as may be stipulated by the committee and/or as may be detailed in Definitive Agreements
Date of Sanction Letter
The sanction letter for the loan was dated May 21, 2026.
Additional Information
The disclosure is also available on the company's website at www.nimbusprojectsltd.com