Private sector lender Tamil Nadu Mercantile Bank’s IPO is opening next week. The issue of one of the country’s oldest lenders will open on September 5 and close on September 7. price band of 800 crore IPO has been fixed 500 – 525 and lot size is 28 shares and multiples thereof. Tuticorin-based Tamil Nadu Mercantile Bank is one of the oldest private sector banks in the country with a history of nearly 100 years. It provides a wide range of banking and financial services primarily to Micro, Small and Medium Enterprises (MSME), agriculture and retail customers.
UPI Mandatory Acceptance Time (Till Bid) for Retail and NII Bidders 5 lakh) will expire at 5 pm on the closing day of the IPO (07 September). 10% of the issue of Tamil Nadu Mercantile Bank’s IPO is reserved for retail investors.
Current account and savings account deposits or CASA deposits of private sector lenders accounted for 30.50% of the total deposits.
Its net profit grew at a CAGR of 41.99% during the financial year 2020-22, with the bank reporting a net profit 820 crore during the financial year 2022.
Tamil Nadu Mercantile Bank is also well capitalized with Tier-1 Capital Adequacy Ratio of 20.44%.
As on March 31, 2022, the lender had 509 branches, out of which 106 are in rural, 247 in semi-urban, 80 in urban and 76 in metropolitan centres.
Tamil Nadu Mercantile Bank has a strong presence in Tamil Nadu with 369 branches.
Bank reported deposits 44,930 crore and advances 33,490 crore by March 2022.
Indicative Timeline of Tamilnad Mercantile Bank IPO – Post Issuance
Finalization of share allotment – 12 September
Beginning of refund – September 13
Credit to Demat Accounts – September 14
Listing – 15 September
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