Tamilnad Bank IPO Subscription Status: Tamilnad Mercantile Bank 2.86 Times Subscribe.
Subscription Rate
As of Last day 07 September 2022 07:00 PM IST.
| Category | Status |
|---|---|
| Retail Individual Investor | 6.48 Times |
| Non-Institutional Investor | 2.94 Times |
| Qualified Institutional Buyers | 1.62 Times |
| Total | 2.86 Times |
Tamilnad Mercantile Bank IPO GMP, Grey Market Premium Today, Kostak Rate Today
Tamilnad Mercantile Bank IPO Details
| Issue Amount | Upto Rs 832 Crores |
| Post Issue Implied Market Cap | ₹8,314 Crore |
| Total shares on offer | Upto #15,840,000 Equity Shares |
| Face Value | ₹10 Per Share |
| Price Band | ₹500 to ₹525 |
| Lot Size | 28 Shares |
| IPO Registrar | Link Intime India Pvt. Ltd. |
Tamilnad Mercantile Bank IPO Timeline, IPO Open Date, Listing Date, Refund Date
| IPO Open Date | 05 September 2022 |
| IPO Close Date | 07 September 2022 |
| Time | 10 AM to 5 PM |
| Basis of Allotment Date | 12 September 2022 |
| Initiation of Refunds | 13 September 2022 |
| Credit of Shares to Demat Account | 14 September 2022 |
| IPO Listing Date (Trading Commence) NSE & BSE | 15 September 2022 |
Offer Breakup
| Category | Allocation |
|---|---|
| Qualify Institutional Bidders (QIB) | 75% |
| Non Institutional Byers (NIB) | 15% |
| Retail Individual Investor (RII) | 10% |
| Employee | – |
Objects Of The Offer:
The Bank proposes to utilize the Net Proceeds towards augmenting its Tier–I capital base to meet its future capital requirements. Further, the Gross Proceeds from the Offer will also be used towards meeting the expenses in relation to the Offer.
Additionally, our Bank expects to receive the benefits of listing the Equity Shares on the Stock Exchanges.
Company All Details
About the company: Tamilnad Mercantile Bank Limited is the oldest bank private bank in india. The bank provide all banking services and financial services. The currently 509 branch in india rural and metro cities, over all customer base is over 5 million.
The Bank was incorporated in the name of ‘Nadar Bank Limited’ on May 11, 1921 at Thoothukudi, TamilNadu as a limited company under the Indian Companies Act, 1913 pursuant to a certificate of incorporation issued by the erstwhile Assistant Registrar of Joint Stock, Palamcottah. The Bank commenced its business on November 11, 1921 at Thoothukudi, TamilNadu. Subsequently, the name of the Bank was changed to ‘Tamilnad Mercantile Bank Limited’, with effect from November 27, 1962, pursuant to a letter of approval from the Government of India dated November 14, 1962 and a fresh certificate of incorporation dated July 17, 1968 was issued by the Assistant Registrar of Companies, Madras. For further details in relation to the changes in the registered office, see “History and Certain Corporate Matters” beginning on page 157.
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