Tamilnad Mercantile Bank Ltd (TMB) is an old private sector bank headquartered in Thoothukudi (Tamil Nadu) and was incorporated as ‘Nadar Bank Ltd’ in 1921.
The fate of Tuticorin-headquartered Tamilnad Mercantile Bank Ltd’s (TMB’s) upcoming initial public offering (IPO) is in the hands of Securities Appellate Tribunal (SAT) as minority shareholders of the bank have approached the tribunal against the public offer.
The Thoothukudi-based bank is one of the oldest private sector banks, which was set up almost 100 years ago, and caters to Micro, Small and Medium Enterprises (MSMEs), agricultural and retail customers.