TMB to raise up to ₹1,300 cr. via IPO, OFS
The Hindu
Private sector lender Tamilnad Mercantile Bank Limited (TMB) is planning to raise ₹1,000 crore-₹1,300 crore before November to meet branch expansion and other expenditure via an initial public offerin
Private sector lender Tamilnad Mercantile Bank Limited (TMB) is planning to raise ₹1,000 crore-₹1,300 crore before November to meet branch expansion and other expenditure via an initial public offering (IPO) and offer for sale (OFS). “We will be filing the necessary papers with the Securities and Exchange Board of India within the next eight to 10 weeks,” said K.V. Rama Moorthy, MD & CEO. “Overall, the post-issue dilution will be about 10%. It might be a mix of offer for sale (OFS) and fresh issue of shares,” he addd.
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