Tamilnad Mercantile Bank’s IPO opened for subscription today (5 September), at a price band of Rs 500-525 apiece. The public issue will close on Wednesday, 7 September. Tamilnad Mercantile Bank’s IPO is entirely a fresh issue of up to 1.58 crore shares with a face value of Rs 10 each, aggregating to Rs 831.6 crore. At the upper end of the price band, the bank is expected to raise Rs 831.6 crore through the public issue. The Tuticorin-based bank proposes to utilise the proceeds from the issue for augmenting its Tier-I capital base to meet future capital requirements. The lead …
