 "IPO")
Private sector lender Tamilnad Mercantile Bank’s (TMB) initial public offer opened for subscription on Monday. The price band of the issue is fixed at Rs 500-525. At Rs 525, the company aims to raise Rs 832 crore to augment its tier–I capital base to meet its future capital requirements.
The old generation bank primarily offers banking services to MSME, agricultural and retail customers. This lot made up for 88 per cent of the bank’s total advances, as of March 2022.
TMB is based in Thoothukudi, Tamil Nadu, which contributes 76 per cent to its total advances. The bank’s dedicated customer
