Tamilnad Mercantile Bank IPO to open today
Monday, 5 September 2022
MUMBAI, Sept 4 (NDTV): The initial public offering (IPO) of Tamilnad Mercantile Bank will open for subscription today (Monday) and close on September 7, as per the draft paper submitted by the company with the market regulator SEBI.
The company has set a price band of Rs 500 - 525 per share for the IPO. On the upper end of the price band, the company will raise around Rs 8.31 billion from the IPO.
Tamilnad Mercantile Bank's IPO is entirely a fresh issue of up to 1,58,40,000 equity shares with a face value of Rs 10 each.
The Thoothukudi (formerly Tuticorin)-based private lender plans to utilise the money raised through the IPO to augment its tier-I capital base to meet its capital requirements.
The anchor book bidding started on September 2. Shares will be allotted to dematerialised accounts of successful investors on September 14.
The bank is scheduled to be listed on the stock exchanges on September 15.
Tamilnad Mercantile Bank is a professionally managed bank and does not have any identifiable promoters.
It is one of the oldest private sector banks in India.