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Tamilnad Mercantile Bank’s IPO to open on September 5, price band at Rs 500-525
Tamil Nadu-based Tamilnad Mercantile Bank’s Rs 832-crore initial public offering of up to 15,840,000 equity shares with the face value of Rs 10 each will open on September 5.
CHENNAI: Tamil Nadu-based Tamilnad Mercantile Bank’s Rs 832-crore initial public offering (IPO) of up to 15,840,000 equity shares with the face value of Rs 10 each will open September 5.
Price band per share has been fixed at Rs 500-525. At the upper end of the price band, the Tuticorin-based lender is expected to garner Rs 831.6 crore through the IPO that will close on September 7. TMB, one of the oldest private sector banks in the country, has proposed to utilise the fresh equity to increase the bank’s tier-I capital base to meet future capital requirements.
Not more than 10% of the offer will be available for allocation to retail investors (retail individual bidders), the bank said in a statement quoting SEBI regulations.