Tamilnad Mercantile Bank IPO to open on 5th to 7th sep

By News - Team

August 29, 2022

The original public immolation (IPO) of the Tamilnad Mercantile Bank Ltd ( TMB ) will open for subscription on September 5 and close September 7, the rearmost in the line of companies looking to go public. The IPO is a fresh issue of 1.58 crore shares. Axis Capital, Motilal Oswal, SBI Capital requests are the lead directors to the issue.

One of the oldest private sector banks in the country, Tamilnad Mercantile Bank offers a range of banking and fiscal services primarily to micro, small and medium enterprises, agrarian and retail guests. The anchor book bidding will start on September 2. Shares will be distributed to dematerialised accounts of successful investors on September 14 and stock will make its request debut on September 15. The Thoothukudi (formerly Tuticorin) – grounded private lender plans to use the proceeds towards accelerating its league – I capital base to meet its capital conditions.

As of March 31, 2022, the lender is needed to maintain a minimal CRAR of 11.5 percent. Its league I capital acceptability rate was at 20.46 percent and league I capital is Rs 5231.77 crore. For FY22, the bank’s gross non-performing means were at 1.69 percent, against 3.44 percent in the former time. Net NPAs were at 0.95 percent versus 1.98 percent in the time before.

Its CASA rate, the rate of deposits in current account and savings regard to the total deposits of the bank, bettered to30.5 percent in FY22 from28.52 percent in the former rate. Total deposits rose to Rs 33,491.54 crore from Rs 40,970.42 crore, while advances were at Rs 33,491.54 crore, over from Rs 31,069.60 crore in the former time.

Net profit for the time rose 36 percent to Rs 821.91 crore from Rs 603.33 crore a time ago. Net interest income increased 18 percent to Rs 1815.23 crore. The bank has 4.18 million guests in Tamil Nadu, an account for 85.07 percent of its client base of 5.08 million. It also has a presence in Gujarat, Maharashtra, Karnataka and Andhra Pradesh.

About Tamilnad Mercantile Bank Limited

Tamilnad Mercantile Bank Limited, a financial institution centered at Thoothkudi, Tamil Nadu is one of the fastest growing Private Sector Bank and is also rated as the Best Bank in the years 2013, 2014 and 2015, because of its strong growth. Established under the direction of the able Nadar business community, the bank was registered in May 1921 as “The Nadar Bank Ltd” and modified its name to Tamilnad Mercantile Bank in November 1962.

The bank has 509 full-fledged branches throughout India, all automated and interconnected, 12 Regional Offices, 11 Extension Counters, 6 Central Processing Centres, 1 Service Branch, 4 currency chests, 1131 Automated Teller Machines, 260 cash recycle machines and 47 e-lobbies.

The bank’s centre of attention is its customers and is known for its personalised service. Out of 509 branches, 457 branches are placed at rural, semi urban and urban (non-metro) centers to accomplish its vision of extending banking service to common people of rural areas. It also focuses on deposit mobilization by introducing novel deposit schemes which is evident from its deposit growth from Rs.182 lakhs in 1971 to Rs. 40970.42 crores in 2021, thus increasing public confidence.

Products & Services

Tamilnad Mercantile Bank is leading bank in south Indian region and provide all banking services to its customers like saving & current accounts, Loan facilities, Mobile Banking, Deposits schemes etc.