Mumbai: Tamil Nadu Mercantile Bank For this, a price band of Rs 500-525 has been fixed. initial public offering (IPO), which will be open for subscription from September 5 to September 7. The bank will issue approximately 1.6 crore shares, resulting in a size between Rs 792 crore and Rs 831 crore.
The 101 year old, Thoothukudi-headquartered bank was established as nadar bank, It changed its name to Tamilnad Mercantile Bank in 1962. The bank proposes to use the proceeds of the new issue to increase its Tier-I capital base to meet future capital requirements that are expected to arise from the growth.
Under the book-building process, at least 75% will be allotted on a proportionate basis Qualified Institutional Buyer (QIB). The bank can allocate up to 60% of the QIB share to anchor investors.
The 101 year old, Thoothukudi-headquartered bank was established as nadar bank, It changed its name to Tamilnad Mercantile Bank in 1962. The bank proposes to use the proceeds of the new issue to increase its Tier-I capital base to meet future capital requirements that are expected to arise from the growth.
Under the book-building process, at least 75% will be allotted on a proportionate basis Qualified Institutional Buyer (QIB). The bank can allocate up to 60% of the QIB share to anchor investors.