The proceeds from the IPO would be used by Tamilnad Mercantile Bank (TMB) to boost its core capital and satisfy future capital needs.
Tamilnad Mercantile Bank’s initial public offering (IPO) began today, September 5, 2022. Tamilnad Mercantile Bank has raised Rs 832 crore from anchor investors ahead of its initial public offering (IPO). A total of Rs 363 crore have been collected.
Prior to its IPO, the organisation offered 71,28,000 shares at Rs 510 each to raise Rs 363.53 crore from ten anchor investors. Anchors include Nomura, Societe Generale, Max Life, Kotak Mahindra Life, Bajaj Allianz Life, Cholamandalam General Insurance, Authum Investment, Alchemie Ventures, Moneywise Financial Services, and Blend Fund.
The proceeds from the IPO would be used by Tamilnad Mercantile Bank (TMB) to boost its core capital and satisfy future capital needs. In addition, the business is thinking about progressively expanding its operations in various other states. This bank’s primary function is to offer banking and financial services to retail customers, agricultural clients, and MSMEs.
TMB was established in 1921 as Nadar Bank. Currently, the bank has 509 branches that are active. 369 of these are located in Tamil Nadu itself. More than 70 percent of the bank’s business comes from branches in Tamil Nadu. This bank’s net income for the fiscal year 2022 was Rs. 8212 billion.
Meanwhile, Tamilnad Mercantile Bank Ltd announced on Sunday that senior banker Krishnan Sankarasubramaniam has taken over as managing director and CEO with immediate effect. Sankarasubramaniam succeeds K. V. Rama Moorthy, and his tenure will be three years, as approved by the Reserve Bank of India (RBI