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Tamilnad Bank IPO Subscription Status: Tamilnad Mercantile Bank 2.86 Times Subscribe

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.

CategoryStatus
Retail Individual Investor6.48 Times
Non-Institutional Investor2.94 Times
Qualified Institutional Buyers1.62 Times
Total2.86 Times
Subscription Status
Tamilnad Mercantile Bank Subscription,
TMB

Tamilnad Mercantile Bank IPO GMP, Grey Market Premium Today, Kostak Rate Today

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Tamilnad Mercantile Bank IPO Details

Issue AmountUpto Rs 832 Crores
Post Issue Implied Market Cap₹8,314 Crore
Total shares on offerUpto #15,840,000 Equity Shares
Face Value₹10 Per Share
Price Band₹500 to ₹525
Lot Size28 Shares
IPO RegistrarLink Intime India Pvt. Ltd.
Issue Details

Tamilnad Mercantile Bank IPO Timeline, IPO Open Date, Listing Date, Refund Date

IPO Open Date05 September 2022
IPO Close Date07 September 2022
Time10 AM to 5 PM
Basis of Allotment Date12 September 2022
Initiation of Refunds13 September 2022
Credit of Shares to Demat Account14 September 2022
IPO Listing Date (Trading
Commence) NSE & BSE
15 September 2022
IPO Timeline, IPO Open Date, Listing Date, Refund Date

Offer Breakup

CategoryAllocation
Qualify Institutional Bidders (QIB)75%
Non Institutional Byers (NIB)15%
Retail Individual Investor (RII)10%
Employee
Offer Breakup

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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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