It’s almost a yeara nd half now since the Nadarcommunity dominated TMB (Tamilnad Mercantile Bank) has been hinting about an IPO (initial public offering).
Mr. Nagendra Murthy, Chief Executive, TMB said, "The paperwork & ground work is almost done. We are ready. But the timing can be decided only after the court sets the date for the AGM’.
This 92 year old bank is in the meantime strengthening itself. With a paid-up capital of a mere Rs 28 lakh & reserves (excluding revaluation reserve) in excess of Rs. 1.634 crore, the bank has grown despite various constraints/controversies.
TMB's shares (with face value of Rs. 10 per share) are said to be traded at over Rs. 45,000 per share in the grey market.
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