tmb ipo: Celebrity Bank’s Next Big IPO … Wait With Money Investors Make Invest! – tamilnad mercantile bank ipo gets sebi’s nod

Tamilnadu Mercantile Bank, a private sector lender, has obtained approval from the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). According to the draft Red Herring Prospects (DRHP), the public offering will include 1,58,27,495 equity shares and an offer of up to 12,505 equity shares (OFS) by shareholders.

The OFS is selling shares of D Prem Palanivel, Priya Rajan, Prabhakar Mahadeo Babde, Narasimhan Krishnamurthy, M Mallika Rani and Subramanian Venkateshwaran Iyer.

The Thoothukudi-based bank has said it will use the net proceeds from the new issue to meet its Tier-I capital base to meet its future capital requirements.

Tamil Nadu Mercantile Bank is one of the oldest private sector banks in the country. Has a history of almost 100 years. It primarily provides a wide range of banking and financial services to micro, small and medium enterprises (MSMEs), agricultural and retail customers.

As on June 30, 2021, the Bank has 509 branches. Of these, 106 branches are in rural areas, 247 in semi-urban areas, 80 in urban areas and 76 in metropolitan centers. The bank also has branches in Gujarat, Maharashtra, Karnataka and Andhra Pradesh.

The bank had filed a draft Red Herring Prospectus (DRHP) with SEBI for its initial public offering in September last year. Axis Capital, Motilal Oswal and SBI Capital are the leading managers of this publication.