Tamilnad’s ₹831 crore IPO to open on Monday – Times of India
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MUMBAI: Tamilnad Mercantile Bank has set a price band of Rs 500-525 for its initial public offering (IPO), which will be open for subscription from September 5 to September 7. The bank will issue nearly 1.6 crore shares, resulting in an issue size of between Rs 792 crore and Rs 831 crore.
The 101-year-old, Thoothukudi-headquartered bank was founded as the Nadar Bank. It changed its name to Tamilnad Mercantile Bank in 1962. The bank proposes to utilise the proceeds of the fresh issue for augmentation of its tier-1 capital base to meet future capital requirements that are expected to arise out of growth.
Under the book-building process, not less than 75% of shall be allotted on a proportionate basis to qualified institutional buyers (QIBs). The bank may allocate up to 60% of QIB portion to anchor investors.
The 101-year-old, Thoothukudi-headquartered bank was founded as the Nadar Bank. It changed its name to Tamilnad Mercantile Bank in 1962. The bank proposes to utilise the proceeds of the fresh issue for augmentation of its tier-1 capital base to meet future capital requirements that are expected to arise out of growth.
Under the book-building process, not less than 75% of shall be allotted on a proportionate basis to qualified institutional buyers (QIBs). The bank may allocate up to 60% of QIB portion to anchor investors.
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