3Adeal.com

Wednesday, 28 April 2021

Tamilnad Mercantile Bank plans IPO of up to Rs 1,200 crore this fiscal

The Tamilnad Mercantile Bank (TMB), which will turn 100 this year, will come out with an initial public offering (IPO) of about Rs 1,000 crore to Rs 1,200 crore, said a top official of the bank.

The official also said that TMB logged an after tax profit of Rs 603.33 crore for the year ending March 31, 2021, as compared to Rs 407.69 crore reported in the corresponding period of the previous fiscal.

The bank's total business for FY 2020-21 stood at Rs 72,511.45 crore (deposits Rs 40,970.42 crore, advances Rs 31,541.03 crore), up from Rs 65,061.21 crore (deposits Rs. 36,825.03 crore, advances Rs. 28,236.18 crore) reported last fiscal.

Speaking to reporters of Business Standard, K.V. Rama Moorthy, Managing Director and Chief Executive Officer (CEO), said that there will also be an offer for sale of 5 per cent so that the existing shareholders can dilute their holdings.

He said TMB will file the necessary IPO papers with the Securities and Exchange Board of India (SEBI) in 8-10 weeks time.

"Overall, the post issue dilution will be about 10 per cent," he said.

With a capital adequacy ratio (CAR) of 18.94 per cent (Basel III norms), Moorthy agreed that TMB is not short of capital and the IPO proceeds will be used in branch expansion and others.

The Tuticorin-based TMB currently has about 509 branches and Moorthy said the target is to increase that to 650 by the next fiscal.

Though TMB doesn't have any pending new branch licence, it plans to add 66 branches this year and the rest in the next fiscal.

The bank has 1,132 automatic teller machines (ATM), 47 e-lobbies and 260 cash recycler machines.

On the impact of Covid-19, Moorthy said he is apprehensive about how it would pan out and there may not be another countrywide lockdown.

With Covid-19 vaccination, the situation would improve and it is for the Central government and the RBI to decide on loan moratoriums for micro, small and medium enterprises (MSME), Moorthy said.

Wednesday, 3 February 2021

Gaming Firm Nazara Technologies files for IPO - https://3adeal.com/it-software-en/nazara-technologies-limited/

Global gaming and media sports company Nazara Technologies has filed a draft red herring prospectus (DRHP) on January 14 with market regulator Securities and Exchange Board of India (SEBI) for its initial public offering (IPO).

The veteran investor Rakesh Jhunjhunwala-backed company had earlier received approval from SEBI for its initial public offering in April 2018. However, it was yet to file its DRHP.

The IPO will make Nazara the first Indian gaming company to enlist in the market. As per the DRHP filed by Nazara, the company will offer 49,65,476 equity shares for sale by promoters and investors with a face value of Rs 4.

At the beginning of January, financial and wealth advisor Plutus Wealth Management LLP had bought shares in Nazara worth Rs 500 crore from WestBridge Capital.

Founded in 2000 by Nitish Mittersain, Nazara has asserted itself in the interactive gaming and sports sector through investments and acquisitions in various gaming categories including esports, edutainment, infotainment, fantasy sports, multiplayer games like carrom and mobile cricket games, etc. Over the last two decades, Nazara has also expanded globally to 74 countries across Asia, Africa and the Middle East.

In 2019, Nazara had invested in PaperBoat App, Absolute Sports, Crimzocode Education Private limited and fantasy sports platform Halaplay Technologies. In 2020, the gaming and sports company became a majority stakeholder in PaperBoat App and Halaplay Technologies.