Tag: tier

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.