Ashish Kacholia, others acquire 3.19% stake in data infra services provider Fusion CX for Rs.120-Cr

Ashish Kacholia and other investors have picked up a combined 3.19% stake in IPO bound Kolkata-based AI data infrastructure services provider, Fusion CX , through secondary share transactions. The other investors include Mukul Agrawal-backed Sanshi Fund and Kotak Mahindra Life Insurance. The selling shareholders were promoter entities, PNS Business and Rasish Consultants, which offloaded more than 41.52 lakh equity shares at INR 289 per share, totalling INR 120 Cr.Kotak Mahindra Life Insurance acquired shares worth INR 50 Cr, while Ashish Kacholia purchased shares worth INR 35 Cr in his personal capacity and through his firm, Bengal Finance and Investment. The Sanshi Fund acquired shares valued at INR 25 Cr.Fusion CX is set to launch its IPO on October 14, with a fresh issue of 1.73 crore shares worth INR 500 Cr and an offer for sale of 69.90 lakh shares aggregating INR 202 Cr. The company plans to use INR 275 Cr from its upcoming IPO proceeds to repay certain outstanding borrowings. Additionally, the firm intends to invest INR 61 Cr in its step-down subsidiaries, Omind Technologies and Omind Technologies, to upgrade IT tools, including Arya and MindVoice. The remaining proceeds are earmarked for pursuing acquisitions.