Hundred-year old Tamilnad Mercantile Bank (TMB), which has been at the centre of an internal feud for nearly two decades, is gearing up for an initial public offering (IPO) later this year.
Is this undue optimism on the part of a small, conservative bank roiled by warring shareholders and little known outside its home state? In fact, the IPO is seen as a way of ending the dispute by opening the exit door for some investors even as it allows for price discovery for existing shareholders, most of whom are businesspeople. TMB’s management, now busy meeting lead managers and ...
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