Tamilnad Mercantile Bank Limited raises Rs. 363.53 crore from 10 anchor investors at the price band of Rs. 510 per equity share.Tamilnad Mercantile Bank Limited (“the Company”) has allotted 71,28,000 equity shares to 10 anchor investors (21 applications) and raised Rs. 363.53 crore ahead of the Company’s proposed IPO at the price band of Rs. 510 per share.
The total offer size of up to 15,840,000 number of equity shares comprising of fresh issue of up to 15,840,000 number of equity shares (“The Fresh Issue”). Bank proposes to utilise net proceeds of the fresh issue towards augmentation of bank’s Tier-I capital base to meet bank’s future capital requirements which are expected to arise out of growth in its Bank’s assets, primarily its Bank’s loans/advances and investment portfolio and to ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time.
The Price Band for the Offer has been fixed at ₹ 500 to ₹ 525 per Equity Share. Bids can be made for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter. Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the Book Running Lead Managers (“BRLMs”) to the Offer.