Tamilnad Mercantile Bank IPO opens next week; check share price, other details

FP Trending • August 31, 2022, 14:15:24 IST

Link Intime India is the registrar of the issue, while Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book running lead managers

Tamilnad Mercantile Bank IPO opens next week; check share price, other details

The public issue of Tamilnad Mercantile Bank Ltd opens next week. The initial public offering of the private sector lender will be open from 5 to 7 September. The Rs 831.6 crore-IPO will be priced at Rs 500-525 per equity share. The IPO of Tamilnad Mercantile Bank Ltd is a fresh issue, with each share having a face value of Rs 10. The shares of the Tamilnad Mercantile Bank Ltd IPO are expected to be allotted on 12 September, as per reports. Each investor can bid for a minimum of 28 shares, or its multiples thereafter. At the upper range of the price band, a bidder will have to shell out Rs 14,700 for one lot of the Tamilnad Mercantile Bank Ltd shares.

Tamilnad Mercantile Bank Ltd IPO details: The money generated from the public issue of Tamilnad Mercantile Bank Ltd will be used by the lender to augment its Tier–I capital base to meet its future capital requirements. The bank will reserve 75 per cent of its initial public offering for Qualified Institutional Buyers (QIBs). Of the remaining issue, 15 per cent has been set aside for Non-Institutional Investors (NIIs) and 10 per cent for retail investors.

Taking into account the limit of Rs 2 lakh imposed on retail investors, they can bid for a maximum of 13 lots of the Tamilnad Mercantile Bank IPO. At the upper end of the price band, bidders will have to shell out Rs 1,91,100 for 13 lots.

Link Intime India is the registrar of the issue, while Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book-running lead managers.

Company details: Tamilnad Mercantile Bank Ltd is one of the oldest lenders in the country. It offers a range of banking and financial services mostly to agricultural and retail customers as well as to Micro, Small and Medium Enterprises (MSMEs). The lender is a professionally managed bank and does not have promoters. Additionally, it does not have any shareholders, who individually or in a group, control voting rights of 15 per cent or more.

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