When the earth was facing destruction, Brahmaa mixed Veda Mantras mantras for creation with divine nector and put it in a pot. He kept the pot on top of the Himalayan mountain. Because of Pralaya, the seawater rose up to the peak of the Himalayas. The pot floated in the floodwaters toward the south. After the pralayam, it stopped at a place. That place is the present Kumbakonam. Lord Shiva shot an arrow at the pot, and the pot was broken. The divine nector spilled on the sand . Lord Shiva made a shivalingam out of the sand mixed with nector and he graced there with the name of Adhikumbheshwarar. The Goddess here is Mangalanayagi. She is also known as Mantra Peedeshwari because she resides in the Vishnu Shakthi Peetam (one of the 51 Mantra Peetas).
Every month, on Magam Nakshatram day if we worship the god and goddess in this Temple, we will get all the prosperities in our life. The Goddess showers prosperity on devotees and so she is Nayagi. She resides on the Vishnu Sakthi Peetam and is also known as Mantra Peeteshwari. She is also known to be called in the name of Mantra Peeta Nalathal.