Tamilnad Mercantile Bank, one of the oldest private sector banks in the country, has received the nod and final observations from the Securities and Exchange Board of India (SEBI) for its proposed initial public offering (IPO).
The IPO of the bank, with a history of 100 years, comprises a fresh issue of 15,827,495 equity shares and an offer-for-sale of up to 12,505 equity shares by selling shareholders.
The Thoothukudi-headquartered bank plans to use the proceeds of the fresh issue for the net proceeds towards augmenting its Tier–I capital base to meet its future capital requirements.
Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the book-running lead managers. The bank had filed its draft red herring prospectus (DRHP) in September 2021 and subsequently with the NSE and BSE.