May 29, 2024

Tamilnad Mercantile Bank shares settle on flat note in debut trade (Eds: Adding closing price)

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Shares of Tamilnad Mercantile Bank on Thursday made a muted market debut and ended on a flat note against its issue price of Rs 510.

At the NSE, the stock made its debut at Rs 495, lower by 2.94 per cent from the issue price. It finally ended at par with its issue price of Rs 510.

The company’s shares had listed at par with the issue price at Rs 510 on the BSE. Later, it ended at Rs 508.45, down 0.30 per cent.

In traded volume terms, 2.24 lakh shares of the company were traded at the BSE and 21.43 lakh shares on the NSE during the day. 

The initial public offer of Tamilnad Mercantile Bank got subscribed 2.86 times on the last day of subscription on Wednesday last week.

The Rs 831.6-crore public offer had a price range of Rs 500-525 a share. 

The company offers a wide range of banking and financial services primarily to micro, small and medium enterprises (MSMEs), agricultural and retail customers.