- Tamilnad Mercantile Bank Ltd allocates 71,28,000 equity shares to anchor investors
- Non-anchor offer to open on September 05, 2022 to September 07, 2022
NE BUSINESS BUREAU
AHMEDABAD, SEP 3
Private sector lender Tamilnad Mercantile Bank on Friday said it has raised Rs 363.53 crore from anchor investors ahead of its initial share sale, which opens for public subscription on Monday (September 5) and concludes on September 7.
Tamilnad Mercantile Bank Limited has allotted 71,28,000 equity shares to 10 anchor investors (21 applications) ahead of the Company’s proposed IPO at the price band of Rs 510 per share, according to a circular uploaded on BSE’s website.
The anchor allocation as follows
| Sr. No | Name of Anchor Investor | No. of Equity Shares Allocated | % of Anchor Investor Portion | Anchor Investor Allocation Price (₹ Per Equity Share) | Total Amount Allocated (₹) |
| 1 | BAJAJ ALLIANZ LIFE INSURANCE COMPANY LIMITED | 19,60,812 | 27.51% | 510 | 1,00,00,14,120 |
| 2 | NOMURA SINGAPORE LIMITED – ODI | 4,86,276 | 6.82% | 510 | 24,80,00,760 |
| 3 | BLEND FUND 2 | 7,40,836 | 10.39% | 510 | 37,78,26,360 |
| 4 | MAX LIFE INSURANCE COMPANY LIMITED A/C ULIF01108/02/07LIFEGRWSUP104 – GROWTH SUPER FUND | 6,51,168 | 9.14% | 510 | 33,20,95,680 |
| 5 | MAX LIFE INSURANCE COMPANY LIMITED A/C PARTICIPATING FUND | 4,95,712 | 6.95% | 510 | 25,28,13,120 |
| 6 | MAX LIFE INSURANCE COMPANY LIMITED | 2,94,112 | 4.13% | 510 | 14,99,97,120 |
| 7 | MAX LIFE INSURANCE COMPANY LIMITED A/C ULIF00125/06/04LIFEGROWTH104 – GROWTH FUND | 2,55,780 | 3.59% | 510 | 13,04,47,800 |
| 8 | MAX LIFE INSURANCE COMPANY LIMITED A/C ULIF01311/02/08LIFEHIGHGR104 – HIGH GROWTH FUND | 1,03,768 | 1.46% | 510 | 5,29,21,680 |
| 9 | MAX LIFE INSURANCE COMPANY LIMITED A/C ULIF00225/06/04LIFEBALANC104 – BALANCED FUND | 54,264 | 0.76% | 510 | 2,76,74,640 |
| 10 | MAX LIFE INSURANCE COMPANY LIMITED A/C DIVERSIFIED EQUITY FUND (ULIF02201/01/20LIFEDIVEQF104) | 50,344 | 0.71% | 510 | 2,56,75,440 |
| 11 | MAX LIFE INSURANCE COMPANY LIMITED A/C PENSION MAXIMISER FUND (ULIF01715/02/13PENSMAXIMI104) | 20,720 | 0.29% | 510 | 1,05,67,200 |
| 12 | MAX LIFE INSURANCE COMPANY LIMITED A/C ULIF01425/03/08LIFEDYNOPP104 – DYNAMIC OPPORTUNITIES FUND | 15,764 | 0.22% | 510 | 80,39,640 |
| 13 | MAX LIFE INSURANCE COMPANY LIMITED A/C ULIF00525/11/05PENSGROWTH104 – PENSION GROWTH FUND | 9,520 | 0.13% | 510 | 48,55,200 |
| 14 | MAX LIFE INSURANCE COMPANY LIMITED A/C SUSTAINABLE EQUITY FUND – ULIF02505/10/21 SUSTAINEQU104 | 7,672 | 0.11% | 510 | 39,12,720 |
| 15 | MAX LIFE INSURANCE COMPANY LIMITED A/C PENSION PRESERVER FUND (ULIF01815/02/13PENSPRESER104) | 1,988 | 0.03% | 510 | 10,13,880 |
| 16 | SOCIETE GENERALE – ODI | 3,12,760 | 4.39% | 510 | 15,95,07,600 |
| 17 | KOTAK MAHINDRA LIFE INSURANCE COMPANY LIMITED. | 4,90,000 | 6.87% | 510 | 24,99,00,000 |
| 18 | CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED | 4,90,000 | 6.87% | 510 | 24,99,00,000 |
| 19 | AUTHUM INVESTMENT AND INFRASTRUCTURE LIMITED | 4,90,000 | 6.87% | 510 | 24,99,00,000 |
| 20 | ALCHEMIE VENTURES FUND – SCHEME I | 98,252 | 1.38% | 510 | 5,01,08,520 |
| 21 | MONEYWISE FINANCIAL SERVICES PRIVATE LIMITED | 98,252 | 1.38% | 510 | 5,01,08,520 |
| Total | 71,28,000 | 100% | 3,63,52,80,000 | ||
The total offer size of up to 15,840,000 number of equity shares comprising fresh issue of up to 15,840,000 number of equity shares.
Bank proposes to utilise net proceeds of the fresh issue towards augmentation of bank’s Tier-I capital base to meet bank’s future capital requirements which are expected to arise out of growth in its Bank’s assets, primarily its Bank’s loans/advances and investment portfolio and to ensure compliance with regulatory requirements on capital adequacy prescribed by the RBI from time to time.
The Price Band for the Offer has been fixed at ₹ 500 to ₹ 525 per Equity Share. Bids can be made for a minimum of 28 Equity Shares and in multiples of 28 Equity Shares thereafter.
Tamilnad Mercantile Bank is one of the oldest private sector banks in the country with a history of almost 100 years. It offers a wide range of banking and financial services primarily to micro, small, and medium enterprises (MSMEs), and agricultural and retail customers.
At the upper end of the price band, the bank is expected to mobilise Rs 831.6 crore through the IPO.
Axis Capital Limited, Motilal Oswal Investment Advisors Limited and SBI Capital Markets Limited are the Book Running Lead Managers to the Offer. The equity shares are proposed to be listed on BSE and NSE.
