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Tamilnad Mercantile Bank to come up with an IPO

Tamilnad Mercantile Bank (TMB) is soon going to the tap the capital markets with an Initial Public Offering (IPO) of Equity shares. The 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’

The history of Tamilnad Mercantile Bank Ltd., the then Nadar Bank Ltd., dates back to 1921. The bank which had a deposit base of Rs. 21,010.00 in the year 1921 increased it to Rs. 27 Lakhs during 1946 and to Rs. 182 Lakhs during 1971. Deposit level of the bank as on Mar 31, 2011 is Rs. 13,809 Crores. The bank, which had a Net Profit of Rs. 6,984.00 in the year 1921 had spurted its profit to Rs. 5.05 Lakhs in the year 1971 and Rs. 250.90 Crores for the year ended March 2011

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