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Tamilnad Mercantile Bank sets price band of up to Rs 525 for Rs 832-cr IPO

The century-old south-based private sector lender Tamilnad Mercantile Bank (TMB) has set a price band of Rs 500-525 a share for its `832-crore initial public offering (IPO), which opens on September 5 and closes on September 7. The IPO consists of a fresh issue of 15.8 million equity shares and the bank is expected to raise more than Rs 800 crore. The stock will start trading on September 15 with a retail quota of 10%, QIB 75% and HNI 15%. TMB intends to use the net proceeds from the offering to increase its tier-I capital base in order to achieve …

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