Kolkata-headquartered AI data infrastructure services provider Fusion CX secured Rs 120 crore through secondary share transactions ahead of its Rs 702 crore initial public offering, as prominent investors including Ashish Kacholia and Mukul Agrawal acquired minority stakes in the company.
Secondary Share Transfers Prior to Public Issue
- Promoter selling shareholders PNS Business and Rasish Consultants transferred over 41.52 lakh equity shares at Rs 289 apiece earlier this month, accounting for a 3.19% stake in Fusion CX.
- Kotak Mahindra Life Insurance led the secondary round by acquiring 17.30 lakh shares for Rs 50 crore.
- Ace investor Ashish Kacholia deployed Rs 35 crore for 12.1 lakh shares in his personal capacity and through Bengal Finance and Investment, while Mukul Agrawal-backed Sanshi Fund invested Rs 25 crore for 8.65 lakh shares.
Fusion CX Public Issue Structure and Timeline
Fusion CX is scheduled to launch its Rs 702 crore initial public offering with a price band fixed at Rs 275 to Rs 289 per share. The maiden public issue opens on October 14 and closes on October 16. The offering comprises a fresh issue of 1.73 crore shares valued at Rs 500 crore alongside an offer for sale of 69.90 lakh shares aggregating Rs 202 crore.
The share allotment is expected to be finalized on October 19. Trading on the BSE and NSE is scheduled to commence on October 22. The issue lot size stands at 51 shares, requiring a minimum retail investment of Rs 14,739 at the upper end of the price band.
Capital Allocation for Debt Repayment and Technology Upgrades
The company plans to deploy Rs 275 crore from the fresh issue proceeds toward full or partial repayment of outstanding borrowings held by the parent entity and its subsidiaries. An additional Rs 61 crore will be channeled into step-down subsidiaries Omind Technologies Inc. and Omind Technologies Private Limited to upgrade proprietary IT infrastructure tools, specifically Arya and MindVoice. The remaining capital is designated for inorganic growth via unidentified acquisitions and general corporate requirements.
| Investor / Entity | Shares Acquired | Capital Invested (Rs) |
|---|---|---|
| Kotak Mahindra Life Insurance | 17.30 lakh | 50 crore |
| Ashish Kacholia (Personal & Bengal Finance) | 12.10 lakh | 35 crore |
| Sanshi Fund (Mukul Agrawal-backed) | 8.65 lakh | 25 crore |
Broader Dalal Street IPO Activity in October
Fusion CX enters the primary market alongside other mainboard issues opening during the same week, contributing to a combined Rs 1,572 crore worth of public offerings on Dalal Street. HD Fire Protect is set to open its Rs 712 crore offer for sale on October 13, targeting a market capitalization of approximately Rs 4,749 crore at the upper price band of Rs 271 per share. Meanwhile, Sahajanand Medical Technologies has scheduled its Rs 2.76 crore shares offer for sale between October 15 and October 19.
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
