 "IPO")
Ninety-nine-year old Tamilnad Mercantile Bank (TMB) is to again seek shareholders’ approval to become a public listed entity. It had done so in 2016, too, at its 93rd annual general meeting (AGM). However, the shareholders, largely from the Nadar community, rejected the proposal for an Initial Public Offer (IPO) of equity by a majority.
The bank has since not held any AGM and is now scheduled, on April 9, to hold its 94th to 97th AGMS all together, for years 2015-16 to 2018-19. This is a sequel to last month’s high court order, which allowed the conduct of all the pending
