The Tamilnad Mercantile Bank (TMB), which will turn 100 this year, will come out with an initial public offering (IPO) of about Rs 1,000 crore to Rs 1,200 crore, said a top official of the bank. The official also said that TMB logged an after tax profit of Rs 603.33 crore for the year ending March 31, 2021, as compared to Rs 407.69 crore reported in the corresponding period of the previous fiscal. The bank s total business for FY 2020-21 stood at Rs 72,511.45 crore (deposits Rs 40,970.42 crore, advances Rs 31,541.03 crore), up from Rs 65,061.21 crore (deposits Rs. 36,825.03 crore, advances Rs. 28,236.18 crore) reported last fiscal. Speaking to reporters, K.V. Rama Moorthy, Managing Director and Chief Executive Officer (CEO), said that there will also be an offer for sale of 5 per cent so that the existing shareholders can dilute their holdings.
Tamilnad Mercantile Bank plans Rs 1.2K cr IPO this fiscal
By IANS |
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Chennai, April 27 : The Tamilnad Mercantile Bank (TMB), which will turn 100 this year, will come out with an initial public offering (IPO) of about Rs 1,000 crore to Rs 1,200 crore, said a top official of the bank.
The official also said that TMB logged an after tax profit of Rs 603.33 crore for the year ending March 31, 2021, as compared to Rs 407.69 crore reported in the corresponding period of the previous fiscal.
The bank s total business for FY 2020-21 stood at Rs 72,511.45 crore (deposits Rs 40,970.42 crore, advances Rs 31,541.03 crore), up from Rs 65,061.21 crore (deposits Rs. 36,825.03 crore, advances Rs. 28,236.18 crore) reported last fiscal.