Ashish Kacholia, Mukul Agrawal, and Kotak Mahindra Life Insurance invested Rs 120 crore in Fusion CX. They bought a 3.19% stake through secondary share transfers before the company’s IPO. The Rs 702 crore public issue will open on October 14. Many investors got shares at Rs 289 apiece earlier this month.
Synopsis
Ace investors Ashish Kacholia and Mukul Agrawal-backed Sanshi Fund, along with Kotak Mahindra Life Insurance, acquired a combined 3.19% stake worth Rs 120 crore in Fusion CX ahead of its Rs 702 crore IPO opening on October 14.
Ace investors Ashish Kacholia and Mukul Agrawal, along with Kotak Mahindra Life Insurance and others, acquired stakes cumulatively worth Rs 120 crore in Kolkata-headquartered AI data infrastructure services provider Fusion CX ahead of its IPO via secondary transactions.
Promoter selling shareholders PNS Business and Rasish Consultants completed secondary share transfers of more than 41.52 lakh equity shares at Rs 289 apiece earlier this month, totalling Rs 120 crore for a 3.19% stake in the company.
Kotak Mahindra Life Insurance acquired 17.30 lakh shares worth Rs 50 crore, while Ashish Kacholia purchased 12.1 lakh shares worth Rs 35 crore in his personal capacity as well as through his firm Bengal Finance and Investment. Mukul Agrawal-backed Sanshi Fund picked up 8.65 lakh shares worth Rs 25 crore.
Fusion CX IPO: Key things to know
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Fusion CX is set to launch its Rs 702 crore initial public offering (IPO) this week at a price band of Rs 275–289 per share. The maiden public issue of the company, which will open on October 14 and close on October 16, comprises a fresh issue of 1.73 crore shares worth Rs 500 crore and an offer for sale (OFS) of 69.90 lakh shares aggregating Rs 202 crore.
The share allotments for the Fusion CX IPO are expected to be finalised on October 19, and the company's shares are scheduled to list on the BSE and NSE on October 22. The IPO has a lot size of 51 shares, requiring a minimum investment of Rs 14,739 for retail investors applying at the upper end of the price band.
Fusion CX plans to utilise Rs 29.19 crore from the IPO proceeds to repay or prepay, in full or in part, certain outstanding borrowings of the company and its subsidiaries, including select step-down subsidiaries. Additionally, Rs 7.47 crore will be invested in its step-down subsidiaries, Omind Technologies Inc. and Omind Technologies Private Limited, to upgrade IT tools, including Arya and MindVoice.
India's IPO market this week
Fusion CX is among the Rs 1,572 crore worth of IPOs opening this week. Two other mainboard IPOs that will open on Dalal Street this week include HD Fire Protect and Sahajanand Medical Technologies. HD Fire Protect will open its Rs 712 crore IPO on October 13 and close it on October 15. The issue is entirely an offer for sale of 2.63 crore shares, which means the company will not receive any money from the IPO. The price band has been fixed at Rs 258-271 per share, with a lot size of 55 shares. At the upper end, the company will command a market capitalisation of about Rs 4,749 crore. The stock is expected to list on October 21.
Sahajanand Medical Technologies will open its IPO on October 15 and close it on October 19. The issue is entirely an offer for sale of 2.76 crore shares. The price band and final issue size are yet to be announced. The allotment is expected on October 21, and the stock is scheduled to list on October 23.
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(What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2025, Share Market on Budget 2025 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)
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