Nimbus Projects (BOM:511714) said its board has approved availing a secured loan facility of 50 million Indian rupees from ICICI Bank (NSE:ICICIBANK, BOM:532174), according to an Indian bourse filing on Tuesday.
Shares of the company rose nearly 4% in Wednesday's trade.
The facility will carry a floating interest rate of 8.50% per annum and has a tenure of 162 months, the filing said. The proceeds will be used for general corporate purposes, it added.
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