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Tamilnad Mercantile Bank IPO Share Allotment: Check Status Online on BSE, Link Intime India | Full Timeline

Tamilnad Mercantile Bank IPO Attribution Status Check: The allotment of shares for Tamilnad Mercantile Bank’s IPO which closed on Wednesday September 9th will commence on Monday September 12th. The initial public offer was subscribed 2.86 times on the last day of the opening of subscriptions. The public offering of Rs 831 crore received bids for 2,49,39,292 shares against 87,12,000 shares on offer. The unit reserved for individual investors was subscribed 6.48 times. Non-institutional investors and qualified institutional buyers (QIBs) subscribed to the issue 2.97 times and 1.62 times respectively on Wednesday.

The Tuticorin-based bank had set a price range of 500 to 525 rupees per share for the IPO. At the upper end of the price range, the company aims to raise around Rs 831.60 crore from the issuance. Tamilnad Mercantile Bank IPO is entirely new.

The Tamilnad Mercantile Bank IPO is a new issue of 1.58 crore shares. No less than 75% of the issue was reserved for qualified institutional investors, 15% for non-institutional investors and the remaining 10% for retail investors.

The company has decided to allocate 71.28 lakh shares to anchor investors at Rs 510 each, aggregating the deal size to Rs 363.53 crore, according to a circular uploaded on the BSE website.

Meanwhile, as share allotment begins on Monday, those who have applied for the IPO can check their status online on the BSE and Registrar’s website, Link Intime India Private Ltd.

How to Check Tamilnad Mercantile Bank IPO Share Award Status on BSE

Step 1: Go to https://www.bseindia.com/investors/appli_check.aspx.

Step 2: Select the “equity” option, then the issue name – “Tamilnad Mercantile Bank” from the drop-down menu

Step 3: Enter your application number and your PAN card number.

Step 4: Check “I’m not a robot” and hit submit to know the status.

Tamilnad Mercantile Bank IPO Verification of Share Allocation Status on Link Intime India Private Limited

September 1: go to https://www.linkintime.co.in/MIPO/Ipoallotment.html

Step 2: On this page, enter the issue name which is Tamilnad Mercantile Bank once activated

Step 3: Enter Pan card details

Step 4: Go to the next step and enter the request number and finally the client ID

Step 5: After filling in all the boxes with the correct details, click Submit to find out the status of the awards.

One of the oldest private sector banks in the country with a history of almost 100 years, Tamilnad Mercantile Bank offers a wide range of banking and financial services mainly to micro, small and medium enterprises (MSMEs), agricultural customers and individuals. According to the company, the bank has 509 branches, including 106 branches in rural areas, 247 in semi-urban, 80 in urban areas and 76 in metropolitan centers as of March 2022.

Full Timeline of Tamilnad Mercantile Bank IPO

Tamilnad Mercantile Bank IPO Start Date: September 5, 2022

Tamilnad Mercantile Bank IPO closing date: September 7, 2022

Tamilnad Mercantile Bank IPO Award: September 12, 2022

Tamilnad Mercantile Bank IPO Redemption Launch: September 13, 2022

Tamilnad Mercantile Bank IPO award finalization: September 14, 2022

Tamilnad Mercantile Bank IPO Date: September 15, 2022

Note: dates according to Upstox discount broker

The bank proposes to use the proceeds of the IPO to increase its Tier I capital base to meet future capital needs.

Earlier, Zee Business Editor Anil Singhvi recommended avoiding the issue.