Fusion Micro Finance gains as board to mull fund raising up to Rs 145 cr

Fusion Micro Finance rose 1.23% to Rs 341.25 after the NBFC said that its board will meet on Monday, 28 November 2022 to consider fund raising by issuance of non-convertible debentures, aggregating up to Rs 145 crore, on private placement basis.

On the same day, the board will also consider financial results for quarter and half year ended 30 September 2022.

Fusion Micro Finance is a second largest microfinance non-banking finance company (NBFC) in terms of gross loan portfolio (GLP) providing financial services to unserved and underserved women in rural and peri-rural areas across India. The company provides small value collateral free loans. Apart from micro finance lending, the NBFC also have insignificant lending to MSME enterprises.

Shares of Fusion Micro Finance debuted on the bourses on 15 November 2022. The scrip was listed at Rs 360.50, representing a discount of 2.04% to the initial public offer (IPO) price of Rs 368.

The NBFC reported a net profit of Rs 75.10 crore in Q1 FY23, steeply higher than Rs 4.41 crore posted in Q1 FY22. Total income jumped 35.8% to Rs 360.45 crore in quarter ended 30 June 2022.

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