Public Market

IPO

Tamilnad Mercantile Bank‘s Rs.1,000-Cr IPO receives SEBI nod

Business Line  

Thoothukudi (Tamil Nadu)-based Tamilnad Mercantile Bank Ltd, has received capital markets regulator Sebi's approval to raise INR 1,000 crore through an initial public offering (IPO). The proceeds will be used for augmenting its Tier-I capital base. The proposed IPO comprises a fresh issue of 1.582 crore shares and an offer for sale of 12,505 equity shares by D Prem Palanivel, Priya Rajan, Prabhakar Mahadeo Bobde, Narasimhan Krishnamurthy, M Malliga Rani and Subramanian Venkiteshwaran Iyer. The offer will constitute 10% of the post-offer paid-up equity share capital.