One of India’s oldest private sector bank “Tamilnadu Mercantile Bank (TMB)” got the stock market regulator SEBI’s approval on 30th May 2022 for coming up with their IPO.
Tamilnadu Mercantile Bank has over 500 branches with nearly 50 lakh customer base and has its existence for close to 100 years now. TMB branches are wide spread across the state with mix of metro/urban and semi-urban/rural. The bank offers almost all banking products/services and enjoys high brand presence among its customers.
The bank has filled the DRHP sometime during September 2021, which states that the public offer of the bank will comprises a fresh issue of 1,58,27,495 Equity Shares and an Offer for Sale (OFS) of up to 12,505 Equity Shares. TMB will utilize the IPO funds from the fresh issue of shares towards increasing its Tier–I capital requirements and meeting the expenses of the bank.