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Fusion Micro Finance board meeting next week to mull Rs 145 crore NCD issue

Fusion Micro Finance board meeting next week to mull Rs 145 crore NCD issue

Fusion Micro Finance board meeting next week to mull Rs 145 crore NCD issue
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By CNBCTV18.com Nov 24, 2022 3:02:12 PM IST (Published)

The microfinance company made its debut on the stock exchanges on November 15. Since its listing, the shares have traded below the issue price of Rs 368.

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The board of Fusion Micro Finance will meet on November 28 to consider a proposal to raise up to Rs 145 crore through an issue of non-convertible debentures (NCDs) on a private placement basis.


The board will also consider and approve the standalone unaudited financial results of the company for the quarter and six months that ended on September 30, 2022.

Fusion Micro Finance, which provides microfinance and MSME loans, machinery loans, and small business loans, raised around Rs 1,104 crore through its initial public offer earlier this month.

The company had fixed a price band of Rs 350-368 for the offer which was open for subscription from November 2 to November 4. It received bids for 2.95 times the shares on offer.

The microfinance company made its debut on the stock exchanges on November 15. Since its listing, the shares have traded below the issue price of Rs 368.

The company plans to use the IPO proceeds to augment its capital base. The microfinance major provides financial services to underserved women across India in order to facilitate their access to greater economic opportunities.

The company uses a joint liability group (JLG) model, developed by Grameen Bank in Bangladesh, to give loans of up to Rs 50,000. In December 2018, Warburg invested Rs 520 crore in the company.

The stock is currently trading at Rs 346.55, up 2.80 percent.

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