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All that you should know about the Company before applying for the IPO.
The public issue of equity shares of TAMILNAD MERCANTILE BANK LIMITED will open for subscription on September 05, 2022 and closes on September 07, 2022. It is expected to list on the stock exchanges on September 15, 2022. What does the company do? Why is the company going public? Who are its key competitors? Its key strengths, and lot more. Here’s everything that you want to know about the company to analyse the IPO.
It is one of the oldest and leading old private sector banks in India with a history of almost 100 years. It offers a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSMEs), Agricultural and Retail customers. The bank was initially incorporated as Nadar Bank Limited in 1921 and its name was changed to Tamilnad Mercantile Bank Limited in the year 1962.
Banks advances (i.e. Loans) portfolio primarily consists of lending to (a) Retail customers; (b) Agricultural customers and (c) MSMEs.
As of 31-Mar-2022, the bank has 509 branches, of which 106 branches are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centers. Banks overall customer base is approximately 5.08 million. It has a strong presence in the state of Tamil Nadu, with 369 branches and 949 ATMs and 255 Cash Recycler Machines. Other than Tamil Nadu, it has presence in 15 other states and 4 union territories of India including Maharashtra, Gujarat, Karnataka, and Andhra Pradesh, among others.
The bank is professionally managed and does not have an identifiable promoter
Given below are the objectives of the Company –
The Company proposes to utilise the Net Proceeds from the Fresh Issue towards funding the following objects:
|IPO Size||₹ 831.60 Crore *|
|Offer Mix||100% Fresh Issue|
|Price Band||₹ 500 - ₹ 525|
|Lot Size||28 Shares (& in multiples thereof)|
|Face Value||₹ 10|
|Application Amount||Min. ₹ 14,700 (1 lot) | Max. ₹ 1,91,000 (13 lots) [at upper price band]|
|Listing on||NSE & BSE|
|Registrar||Link Intime India Private Limited|
|Cut-off time for UPI Mandate Confirmation||07-September-2022 (up to 05:00 PM)|
₹ 623.70 Crore
(75% of The Issue Size)
₹ 124.74 Crore
(15% of The Issue Size)
₹ 83.16 Crore
(10% of The Issue Size)
|IPO Opens||September 05, 2022|
|IPO Closes||September 07, 2022|
|Finalization of the basis of allotment||September 12, 2022|
|Unblocking of funds / Initiation of refunds||September 13, 2022|
|Credit of equity shares to Demat accounts||September 14, 2022|
|Listing of equity shares||September 15, 2022|
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