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A 100-Year-Old Indian Bank Set to Raise $100 Million Amid Curbs

  • Tamilnad Mercantile Bank’s IPO offer closed on Wednesday
  • India’s regulator has restricted bank from opening new outlets

A regional Indian bank, which drew international anchor investors including Nomura Holdings Inc. and Societe Generale SA for its initial public offering, is poised to raise about $100 million amid various challenges it is facing.

Tamilnad Mercantile Bank Ltd., whose history stretches back over a century, is considering pricing 15.84 million shares at 510 rupees ($6.38) a share, near the bottom of a marketed range, according to a person familiar with the matter. The IPO, which was oversubscribed by nearly three times, closed Wednesday and trading is slated to start Sept. 15.