Tamilnad Mercantilebank filesdrhp

The hundred-year-old Tamilnad Mercantile Bank (TMB) has filed a draft red herring prospectus with the market regulator Securities and Exchange Board of India (Sebi) for an initial public offering (IPO).

In April, the bank’s Managing Director and Chief Executive Officer K V Rama Moorthy had said that it was planning a ~1,000-crore IPO this fiscal. According to the documents, the IPO will include issue of 15.83 million fresh equity shares at a face value of ~10 each and an offer for sale of up to 12,505 shares by promoters and existing shareholders.