Fusion Micro Finance Limited Changes Name to Fusion Finance Limited

Fusion Micro Finance Ltd [BSE (BOM: 543652) and NSE (NSE: FUSION)], one of India's leading NBFC-MFIs in India, has announced the change of its name to Fusion Finance Limited which is effective from 09 July 2024. Started in 2010, Fusion is a key player in India's growing microfinance industry with Asset under Management (AUM) of INR 11,476 crores, as of March 31, 2024.

Speaking on the change Devesh Sachdev, MD & CEO, Fusion Finance Limited said, "Fusion has been growing at a steady pace over the past years with a steadfast focus on providing financial services to unserved and underserved population. In this journey, we have continued to evolve along with our customers. Going forward, our aim is to provide a more diverse range of financial products to address their expanding needs. This diversification will also help us in strengthening our business resilience, ensuring a long-term sustainable growth. Importantly, at Fusion, we continue to stay committed to the microfinance business and will continue to maintain the minimum 75% criteria of "qualifying assets". Our ethos and brand identity, that we have built over the years, also remain intact."

The company has been contributing towards financial inclusion by providing financial services to unserved and underserved women entrepreneurs in the rural and peri-rural areas. In 2019, the company diversified into MSME loans, with an aim to cater to the 'missing middle' segment of the sector. As of March 31, 2024, Fusion has successfully grown its AUM under MSME segment to INR 531 crores with 97 dedicated MSME branches across the country.

Fusion Finance is present in 453 districts across 22 states, including three Union Territories, with total 1,297 branches, as of March 31, 2024.

Shares of Fusion Micro Finance Limited was last trading in BSE at Rs. 438.95 as compared to the previous close of Rs. 440.00. The total number of shares traded during the day was 18423 in over 1219 trades.

The stock hit an intraday high of Rs. 443.50 and intraday low of 437.80. The net turnover during the day was Rs. 8098423.00.

Source : Equity Bulls

Keywords

FusionMicroFinance INE139R01012 NBFC NonBankingFinanceCompany NameChange FusionFinance