Tamilnad Mercantile Bank files DRHP with Sebi for Rs 1,000 cr IPO

Hundred-year-old Tamilnad Mercantile Bank (TMB) has filed a draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (Sebi) for an Initial Public Offering (IPO).

In April this year, the bank’s Managing Director and Chief Executive Officer K V Rama Moorthy had said that the lender was planning a Rs 1,000 crore IPO this fiscal. According to the documents, the IPO will include an issue of 15.83 million fresh equity shares at a face value of Rs 10 each and an offer for sale of up to 12,505 shares by promoters and existing shareholders.

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