Tag: tamilnad mercantile bank

Tamilnad Mercantile Bank launches initiatives to celebrate 100th anniversary, BFSI News, ET BFSI

Banking & Finance

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Chennai, Sep 12 (PTI) Tamilnad Mercantile Bank on Sunday rolled out a host of initiatives to mark its centennial, including doorstep banking services for the convenience of customers besides an awareness campaign on Covid-19 vaccination. Earlier in the day, Finance Minister Nirmala Sitharaman kicked off the centenary celebrations of the bank in Tuticorin, by launching a postal stamp and a specialised ‘postal card’. The bank’s managing director and CEO, K V Rama Moorthy said the bank has stood the test of time and witnessed various historical events like the country’s independence, emergency situation and liberalization of the economy. “To help borrowers overcome the impact of Covid-19, the bank has covered 13,753 beneficiaries by disbursing Rs 1,567.62 crore. We were the first bank to introduce Robotics in currency chest to sort and bundle currencies in order to provide quality service to customers”, Moorthy said in a press release.

“As part of our Centenary celebrations, we are kick-starting multiple initiatives, starting with special postage stamp and postal cards. We are also launching the TMB Mobile DigiLobby and a Mobile Vaccination Drive to support our communities. “, he said.

The disbursement of loans to pharmaceuticals and health care facilities would be at the heart of year-long series of events and initiatives, he added.

Tamil Nadu based TMB has 509 branches across the country. In FY 2020-21, the bank’s net profit stood at Rs 603 crore as against Rs 408 crore in FY 2019-20.

Total advances were Rs 31,541 crore during the period as compared to Rs 28,236 crore recorded in same period last year, while total deposits grew to Rs 40,970 crore during the period under review from Rs 36,825 crore registered previous year. the release added. PTI VIJ ROH ROH



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Tamilnad Mercantile Bank files IPO papers with Sebi

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Private-sector lender Tamilnad Mercantile Bank has filed preliminary papers with capital markets regulator Sebi to mop-up funds through an initial share-sale.

The initial public offering (IPO) comprises fresh issue of 15,827,495 equity shares and an offer-for-sale of up to 12,505 equity shares by selling shareholders, according to the draft red herring prospectus (DRHP).

The offer-for-sale consists of sale of up to 5,000 equity shares each by D Prem Palanivel and Priya Rajan, up to 1,000 equity shares by Prabhakar Mahadeo Bobde, up to 505 equity shares by Narasimhan Krishnamurthy and up to 500 equity shares each by M Malliga Rani and Subramanian Venkiteshwaran Iyer.

Augmenting tier-1 capital

The Tuticorin-based bank proposes to utilise the net proceeds from the fresh issue towards augmenting its tier–I capital base to meet its future capital requirements.

Tamilnad Mercantile Bank is one of the oldest private sector banks in the country with a history of almost 100 years. It offers a wide range of banking and financial services primarily to micro, small and medium enterprises (MSME), agricultural and retail customers.

As of June 30, 2021, the bank has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres.

As of June 30, 2021, it had a customer base of around 4.93 million of which 70 per cent comprised customers who were associated with the bank for more than five years.

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers to the public issue.

The equity shares are proposed to be listed on the BSE and the NSE.

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Tamilnad Mercantile Bank Limited files its DRHP with SEBI, BFSI News, ET BFSI

Banking & Finance

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Tamilnad Mercantile Bank Limited, one of the oldest banks in the country, filed its DRHP with SEBI. The Initial Public Offer (IPO) consists of up to 15,840,000 equity shares of face value of rs10 each (“Equity Shares”) of Tamilnad Mercantile Bank Limited comprising a fresh issue of 15,827,495 equity shares.

The Company proposes to utilise the Net Proceeds towards augmenting its Tier–I capital base to meet its future capital requirements. The Book Running Lead Managers to the offer are Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited.

The offer comprises up to 12,505 equity shares, consisting an offer for sale of up to 5,000 equity shares D. Prem Palanivel, up to 5,000 equity shares by Priya Rajan , up to 1,000 equity shares by Prabhakar Mahadeo Bobde, up to 505 equity shares by Narasimhan Krishnamurthy , up to 500 equity shares by M. Malliga Rani and up to 500 equity shares Subramanian Venkiteshwaran Iyer (collectively, the “Selling Shareholders”).

The offer will constitute 10.00% of the post-offer paid-up equity share capital

TMB offers a wide range of banking and financial services primarily to MSMEs, agricultural and retail customers. As of June 30, 2021, the Bank has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres. Their overall customer base is approximately 4.93 million as of June 30, 2021.



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Tamilnad Mercantile Bank files papers with SEBI for IPO

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C The Tuticorin(TamilNadu)-based Tamilnad Mercantile Bank Ltd has filed a draft red herring prospectus with the Securities Exchange Board of India (Sebi) to raise funds through an initial public offering.

The proposed IPO will comprise a fresh issue of equity worth up to 15.84 million shares and an offer for sale (OFS) of up to 12,505 shares by its existing promoters and shareholders.

About 75 per cent of the net offer has been reserved for qualified institutional buyers (QIBs), 15 per cent is for allocation to non-institutional investors (NIIs), and the remaining 10 per cent will be available for retail investors.

Proceeds from the IPO will be used for augmenting the lender’s tier I capital base.

The company had said that it was planning to raise more than .₹1,000 crore with an IPO.

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers for the IPO. Link Intime India is the registrar for the issue.

For FY21, the bank’s net profit stood at ₹603 crore as compared to ₹408 crore in FY20. Its gross non-performing assets (NPAs) were at 3.44% against 3.62% a year ago. Net NPA stood at 1.98% versus 1.8% last year. Its CASA ratio increased to 28.52% from 25.85%.

Total advances stood at ₹31,541 crore in FY21 from ₹28,236 crore FY20. Total deposits stood at ₹40,970 crore (₹36,825 crore). Its total business was at ₹72,511 crore, up 11 per cent from ₹65,061 crore in FY20.

It had 4.18 million customers in Tamil Nadu, which accounted for about 85 per cent of its total customer base. The bank also has a presence in Gujarat, Maharashtra, Karnataka and Andhra Pradesh.

As of June 2021, TMB had 509 branches, of which 106 were in rural, 247 in semi-urban, 80 in urban and 76 in big cities.

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