Sebi clears decks for IPO of 100-year-old lender Tamilnad Mercantile Bank

Tamilnad Mercantile Bank, one of the country's oldest private sector banks with a 100-year history, has gotten SEBI's approval and final observations for its proposed initial public offering.

The IPO comprises of a new issue of 15,827,495 equity shares and a selling shareholder offer to sell up to 12,505 equity shares.

The proceeds of the new offering will be used to supplement the lender's Tier–I capital base in order to satisfy future capital requirements. The book running lead managers are Axis Capital, Motilal Oswal Investment Advisors, and SBI Capital Markets.