Tamilnad Mercantile Bank has received the Securities and Exchange Board of India’s (SEBI) approval to float an initial public offering (IPO). The Initial Public Offer (IPO) comprises a fresh issue of 1,58,27,495 equity shares and an Offer For Sale (OFS) of up to 12,505 equity shares by shareholders.
The bank, which filed the draft red herring prospectus with the SEBI in September 2021, got the regulator’s approval on May 30, 2022. The bank proposes to utilise the net proceeds from the fresh issue towards augmenting its Tier-I capital base to meet its future capital requirements.
Tamilnad Mercantile Bank is one of the oldest private sector banks in the country, with a history of almost 100 years. It offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSME), agricultural and retail customers.
