The 100-year-old Tamilnad Mercantile Bank Ltd. has filed a Draft Red Herring Prospectus (DRHP) with markets regulator Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO).
According to the DRHP, the bank would issue up to 15,840,000 equity shares of face value of ₹ 10 each. The lender is expected to raise up to ₹1,000 crore from the primary market.
The offer will comprise fresh issue of 15,827,495 equity shares and existing shareholders will offload 12,505 equity shares through offer-for-sale.
Source: Read Full Article