Latest News | Tamilnad Mercantile Bank IPO Subscribed 2.86 Times on Last Day

New Delhi, Sep 7 (PTI) The initial public offer of Tamilnad Mercantile Bank got subscribed 2.86 times on the last day of subscription on Wednesday.

The Rs 831.6-crore public offer received bids for 2,49,39,292 shares against 87,12,000 shares on offer, according to an update with the NSE.

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Retail individual investors' category received 6.48 times subscription, while the quota for non-institutional investors was subscribed 2.94 times. The category for qualified institutional buyers (QIBs) got 1.62 times subscription.

The initial public offer of 1.58 crore equity shares had a price range of Rs 500-525 a share. Private sector lender Tamilnad Mercantile Bank on Friday mobilised a little over Rs 363 crore from anchor investors.

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The Tuticorin-based bank proposes to utilise the proceeds from the issue for augmenting its Tier–I capital base to meet future capital requirements.

It offers a wide range of banking and financial services primarily to micro, small and medium enterprises (MSMEs), agricultural and retail customers.

Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets were the managers to the offer.

The company's equity shares are proposed to be listed on BSE and NSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)