Jaipur, Oct 29 (PTI) 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.

Also Read | Mexico GP 2022: Charles Leclerc Crashes As George Russell Takes the Lead in Second Practice.

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.

Also Read | UKPSC Recruitment 2022: Vacancies Notified for 661 Assistant Accountants Posts, Apply Online at psc.uk.gov.in.

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.

(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)