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Jul 31, 2012, 01.12 PM IST | Source: Business Line

Tamilnad Mercantile Bank gearing up for IPO

It’s almost a year-and-half now since the Nadar-community dominated Tamilnad Mercantile Bank (TMB) has been hinting about an initial public offering (IPO).

It’s almost a year-and-half now since the Nadar-community dominated Tamilnad Mercantile Bank (TMB) has been hinting about an initial public offering (IPO).

Its chief executive Nagendra Murthy said, "The paperwork and ground work is almost done. We are ready. But the timing can be decided only after the court sets the date for the AGM’.

He refused to comment further on this.

This 92-year old institution is in the meantime strengthening itself. With a paid-up capital of a mere Rs 28 lakh and reserves (excluding revaluation reserve) in excess of Rs 1634 crore, the bank has grown despite various constraints / controversies.

TMB's shares (with face value of Rs 10/share) are said to be traded at over Rs 45000/share in the grey market.

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