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Tamilnad Mercantile Bank has debuted at Rs 510.00 on the BSE, down by 15 points or 2.86% from its issue price of Rs 525.

The scrip is currently trading at Rs 509.00, down by 16.00 points or 3.05% from its issue price. It has touched a high and low of Rs 519.00 and Rs 487.00 respectively. So far 0.97 lakh shares were traded on the counter.

The offering, which was open for subscription from September 5, 2022 to September 7, 2022, was subscribed 2.8 times on the last day of the bidding. The issue price was fixed at Rs 525 per share i.e. at upper end of price band of Rs 500-525 apiece.

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 (MSME), agricultural and retail customers.