TAMILNAD MERCANTILE BANK LIMITED INITIAL PUBLIC OFFERING TO OPEN ON SEPTEMBER 05, 2022

 TAMILNAD MERCANTILE BANK LIMITED INITIAL PUBLIC OFFERING TO OPEN ON SEPTEMBER 05, 2022

• Price Band fixed at ₹ 500 to ₹ 525 per equity share of face value of ₹ 10 each (“Equity Shares”)

• Bid /Offer Opening Date – Monday, September 05, 2022 and Bid/ Offer Closing Date – Wednesday, September 07, 2022

• The Floor Price is 50.00 times the face value of the Equity Shares and The Cap Price is 52.50 times the face value of Equity Shares

• Bids can be made for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter

Mumbai, August 30, 2022: Tamilnad Mercantile Bank Limited (the “Bank”) will open its Initial Public Offering on Monday September 05, 2022.

The total offer size of up to 15,840,000 Equity Shares of face value of ₹ 10 each comprising of fresh issue of up to 15,840,000 Equity Shares (the “Offer”).

The Price Band of the Offer has been fixed at ₹ 500 to ₹ 525 per Equity Share of face value ₹ 10 each. Bids can be made for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter. 

Bank proposes to utilise net proceeds of the fresh issue towards augmentation of Bank’s Tier-I capital base to meet Bank’s future capital requirements which are expected to arise out of growth in the Bank’s assets, primarily the Bank’s loans/advances and investment portfolio and to ensure compliance with regulatory requirements on capital adequacy prescribed by the Reserve Bank of India from time to time. 

The Offer is being made through the book building process, in terms of Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended (“SCRR”) read with Regulation 31 of the SEBI ICDR Regulations and in compliance with Regulation 6(2) of the SEBI ICDR Regulations, wherein not less than 75 % of the Offer shall be allotted on a proportionate basis to Qualified Institutional Buyers (“QIBs”, the “QIB Portion”), provided that the Bank may, in consultation with the Book Running Lead Managers, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations (“Anchor Investor Portion”), of which one-third shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to the Net QIB Portion.