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News Details

30/08/2022 10:40

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Tamilnad Mercantile announces launch of initial public offering

Tamilnad Mercantile Bank Ltd. has announced public offering of 15840000 shares at a price of Rs 10.00 each for Cash at a Premium of Rs 515.00 per share. The gross proceeds of the issue are expected to be Rs 83,160.00 lakhs.

The company's initial public offer (IPO) will open on 05 September 2022 and is expected to close on 07 September 2022, subject to customary closing conditions. The price band of the issue has been fixed at Rs 500.00-525.00 per share.

The IPO includes a fresh Issue of 15840000 Equity Shares of the Company at an price of Rs 525.00 per Equity Share. The company has fixed the minimum bid lot for the issue at 28 shares with bids in multiples of 28.

Tamilnad Mercantile Bank Ltd. anticipates using the proceeds of the issue for .

Axis Capital Ltd.,Motilal Oswal Investment Advisors Limited,SBI Capital Markets Limited as lead manager(s) & Link Intime India Private Limited is the registrar, to the issue.