- Kotak Life, Ashish Kacholia, and Sanshi Fund bought Rs 120 crore shares in Fusion CX
- Promoters sold 4.15 million shares at Rs 289 each before Fusion CX's IPO
- Fusion CX's IPO opens Oct 14-16, with a Rs 275-289 price band and Rs 702 crore size
Kotak Mahindra Life Insurance Company, investor Ashish Kacholia and Mukul Agrawal-backed Sanshi Fund-I have acquired shares worth a combined Rs 120 crore in Fusion CX through secondary-market transactions ahead of the company's planned IPO.
Promoters PNS Business Private Ltd and Rasish Consultants Private Ltd offloaded 4.152 million shares at Rs 289 apiece, the upper limit of the price range set for Fusion CX's IPO.
The transfers were executed on October 9 and accounted for 3.19% of Fusion CX's pre-IPO equity on a fully diluted basis, according to a public disclosure issued on Sunday.
Kotak Mahindra Life Insurance acquired 17.30 lakh shares for Rs 50 crore, while Kacholia purchased 12.11 lakh shares worth Rs 35 crore, both in his personal capacity and through his firm Bengal Finance and Investment.
Sanshi Fund-I, backed by investor Mukul Agrawal, bought 8.65 lakh shares for Rs 25 crore. Bhansali Fincom and other investors also participated in the transactions.
The investments come days before Fusion CX's Rs 702-crore IPO, which will open for subscription on October 14 and close on October 16. The anchor investor book is scheduled to open on October 13.
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Fusion CX has set a price band of Rs 275-289 per share, valuing the company at approximately Rs 4,200 crore at the upper end of the band.
The IPO comprises a fresh issue of shares worth up to Rs 500 crore and an offer for sale of shares aggregating up to Rs 202 crore by promoter selling shareholders. The promoters' holding is expected to stand at 77.35% after the issue and allotment, on a fully diluted basis, assuming the upper end of the price band.
Of the fresh issue proceeds, Fusion CX plans to use Rs 275 crore to repay or prepay certain outstanding borrowings of the company and its subsidiaries. Another Rs 61 crore has been earmarked for investment in its step-down subsidiaries, Omind Technologies Inc and Omind Technologies Pvt Ltd, to upgrade information technology tools, including Arya and MindVoice.
The remaining proceeds will be used to pursue potential acquisitions and for general corporate purposes.
Founded in 2004 by Pankaj Dhanuka and Kishore Saraogi, Fusion CX provides customer experience and artificial intelligence data infrastructure services to enterprises across industries. As of June 30, 2026, the company employed 13,735 people and operated across 13 countries through 40 delivery centres.
For the financial year ended March 2026, Fusion CX reported revenue from operations of Rs 1,818 crore and a profit after tax of Rs 169 crore.
(With Inputs From PTI)
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