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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.
TMB will use the proceeds of the issue to expand branch network from the current 509 to 650. During the current fiscal, it would add 66 branches and the rest in the next fiscal. As of now, TMB does not have required licences to open new branches. It had already identified 28 locations to open new branches and done some spade work, he added.
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TMB Releae Reviewed Financial Results For the Quarter Ended – Dec’20
Tamilnad Mercantile Bank Limited (TMB) one of the premier Old Private Sector Scheduled Commercial Banks, having Head Quarters in Thoothukudi has a long cherished history of 99+ years of successful banking and celebrating its Centenary Year with strong fundamentals and a record of continuous profit making in the industry.
TMB having pan India presence with 509 branches and 12 Regional Offices across 16 states and 4 Union Territories is serving more than 4.80 million delighted customers. The bank is having 1162 ATMs, 45 e-lobbies and 224 Nos. of Cash Recycler Machines.
The Board of Directors of the Bank adopted the reviewed results of the Bank for the quarter ended 31.12.2020 in their meeting held at Chennai on 02.02.2021. In the presence of Board of Directors, Shri K.V.Rama Moorthy, Managing Director and CEO of the bank has announced the Reviewed Financial Results for the quarter ended Dec’ 2020. Chief Finan