Tamilnad Mercantile Bank to raise up to ₹832 crore via IPO
The Hindu
Issue to open on Monday in the price band of ₹500-₹525 per share
The initial public offering (IPO) of Tamilnad Mercantile Bank Ltd. will open on September 5 to raise up to ₹832 crore, the bank said.
The bank is offering 1,58,40,000 fresh shares of face value of ₹ 10 each at a price band of ₹500 to ₹ 525 per share. Bids can be made for a minimum of 28 shares and in multiples of 28 shares thereafter.
“The reason for which I am tapping the market is more in terms of compliance,” MD & CEO K.V. Rama Moorthy said.
“Since the Reserve Bank has been after us to get ourselves listed because we are a loan [providing] entity, there was need for listing. We have been in existence for the last 100 years and we are the only unlisted entity in the [banking] system.”
He said the listing would lead to dilution of 10% stake of the promoters. “The entire amount is fresh issue and we are very confident about this,” he said.
The bank proposes to utilise net proceeds of the fresh issue towards augmentation of its Tier-I capital base to meet the future capital requirements which are expected to arise out of growth in its assets, primarily loans/advances and investment portfolio and to ensure compliance with regulatory requirements on capital adequacy prescribed by the Reserve Bank of India from time to time.
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