India's Fusion Micro Finance gets regulatory approval for IPO

Indian nonbanking financial company Fusion Micro Finance Ltd. obtained approval from the Securities and Exchange Board of India for its IPO, Mint reported.

The public float will consist of a fresh issue of 6 billion rupees and an offer for sale of up to 21,900,000 shares by existing promoters and shareholders.

Proceeds from the offering will be used to augment the company's capital base.

As of Nov. 22, US$1 was equivalent to 74.36 Indian rupees.