Fusion Ltd plans to raise about Rs 600 crore by issuing fresh equity shares

Microfinance company Fusion Limited is planning to raise around Rs 600 crore through fresh issuance of equity shares in its initial public offering (IPO), a top official said on Saturday.

The initial share sale will open for public subscription on November 2 and conclude on November 4. The company has fixed a price band of Rs 350-368 a share, its MD and CEO Devesh Sachdev said at a press conference.

The IPO comprises fresh issuance of equity shares worth Rs 600 crore and an offer of sale of 1,36,95,466 equity shares by promoters and existing shareholders.

The company is expected to raise Rs 1,104 crore at the upper end of the price band.

The company has around 1,000 branches in 377 districts in 19 states in the country with a 29 lakh customer base, Sachdev said.

The company presently manages a Rs 7,400 crore portfolio, out of which Rs 500 crore portfolio is from Rajasthan, he added.

The company offers loans in the rural sector, especially women with an average loan size of Rs 25,000 and a maximum limit of Rs 80,000, Sachdev noted.