InvestorQ : Is TMB also planning to file for an IPO in the current market?
Sam Eswaran made post

Is TMB also planning to file for an IPO in the current market?

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Moii Chavate answered.
3 months ago
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I suppose you are referring to Tamilnad Mercantile Bank or TMB, which is almost a century old bank based out of the state of Tamil Nadu. The bank has recently filed its draft red herring prospectus with SEBI for a proposed Rs.1,000 crore IPO. Under the terms of issue laid out in the DRHP, TMB will issue 1.583 crore fresh shares and promoters will also offer 12,505 shares in the OFS component.

The IPO is likely to help TMB meet its capital adequacy requirements in the tougher Basel scenario. Clearly, TMB wants to make the best of the good financials reported. It had announced profit growth of 48% and net interest income growth of 17% in FY21. In terms of asset quality, the gross NPAs at 3.44% are comfortable in the current scenario. TMB has around 509 branches with a strong rural and mofussil tilt to its business model.

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