Sebi clears decks for IPO of 100-year-old lender Tamilnad Mercantile Bank

It's a fresh issue-cum-OFS; Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are book running lead managers

Tamilnad Mercantile Bank, one of the oldest private sector banks in the country with a history of 100 years, has received it nod and final observations from SEBI for its proposed initial public offering.

The IPO consists of a fresh issue of 15,827,495 equity shares and an offer-for-sale of up to 12,505 equity shares by selling shareholders.

The lender plans to use the proceeds of the fresh issue towards augmenting its Tier–I capital base to meet its future capital requirements. Axis Capital, Motilal Oswal Investment Advisors and SBI Capital Markets are the book running lead managers.