Tamilnad Mercantile Bank Limited will open its Initial Public Offering on Monday September 05, 2022. The total offer size of up to 15,840,000 Equity Shares of face value of Rs 10 each comprising of fresh issue of up to 15,840,000 Equity Shares.
The Price Band of the Offer has been fixed at Rs 500 to Rs 525 per Equity Share of face value Rs 10 each. Bids can be made for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter.
Bank proposes to utilise net proceeds of the fresh issue towards augmentation of Bank’s Tier-I capital base to meet Bank’s future capital requirements which are expected to arise out of growth in the Bank’s assets, primarily the Bank’s loans/advances and investment portfolio and to ensure compliance with regulatory requirements on capital adequacy prescribed by the Reserve Bank of India from time to time.
The Offer is being made through the book building process. Not less than 75 % of the Offer shall be allotted on a proportionate basis to Qualified Institutional Buyers, provided that the Bank may, in consultation with the Book Running Lead Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis.