Tamilnad Mercantile Bank IPO on the way

Tamilnad Mercantile Bank (TMB) will soon be coming up with it's Initial Public Offering (IPO).

It's CEO Mr. Nagendra Murthy was recently quoted "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".

Tamilnad Mercantile Bank (TMB) is a 92-year old bank. It has a paid-up capital of just Rs.28 lakh. And it's reserves (excluding revaluation reserve) are in excess of Rs.1634 crore.

Shares of TMB has a face value of Rs 10/share. But people say that these shares are traded more than Rs.45000/share in the grey market.