Latest News | Fusion Microfinance IPO to Open on Nov 2

New Delhi, Oct 27 (PTI) The initial share sale of microlender Fusion Microfinance, backed by global private equity major Warburg Pincus, will open for public subscription on November 2.

The initial public offering (IPO) will conclude on November 4. The bidding for anchor investors will open on November 1, according to the red herring prospectus (RHP).

Also Read | Superman Will Be 'Enormously Joyful' When He Returns to the DCEU, Says Henry Cavill.

The IPO comprises fresh issuance of equity shares worth Rs 600 crore and an offer of sale of 13,695,466 equity shares by promoters and existing shareholders.

Those selling shares in the OFS are -- Devesh Sachdev, Mini Sachdev, Honey Rose Investment Ltd, Creation Investments Fusion, LLC, Oikocredit Ecumenical Development Co-operative Society U.A and Global Financial Inclusion Fund.

Also Read | NTPC Recruitment 2022: Apply for 864 Trainee Engineers Posts at ntpc.co.in; Check Application Date and Other Details.

Net proceeds from the fresh issue will be used to augment the capital base of the microfinance firm.

The New Delhi-headquartered microfinance company provides financial services to underserved women across India to facilitate their access to greater economic opportunities.

The company uses the joint liability group (JLG) model, developed by Grameen Bank in Bangladesh, to give loans of up to Rs 50,000.

In December 2018, Warburg had invested Rs 520 crore in the company, which achieved a 45 per cent growth in assets under management in 2018-19 and had an outstanding portfolio of Rs 3,350 crore as of December 2019.

ICICI Securities, CLSA India, JM Financial and IIFL Securities are the merchant bankers to the issue.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)