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Tamilnad Mercantile Bank eyes Rs 1,000-crore IPO by Nov-Dec 2021

The lender's FY21 net profit rose 48% to Rs 603 cr

TMB
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Tamilnad Mercantile Bank

Abhijit Lele Mumbai
Private lender Tamilnad Mercantile Bank's (TMB) is planning an Initial Public Offering ( IPO) of about Rs 1,000 crore by November-December 2021. The IPO will involve combination of fresh capital plus sale of existing shares.

The shareholders of the unlisted South-based private bank have already given nod for IPO. Bank would work file prospectus with Securities and Exchange Board of India, said K V Rama Moorthy, managing director and chief executive, TMB.

The book value of bank is Rs 321 per share and capital adequacy was 18.94 per cent in March 2021, up from 16.74 per cent in March 2020.

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First Published: Apr 27 2021 | 4:26 PM IST

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