The Securities Appellate Tribunal dismissed the challenge to Tamilnad Mercantile Bank Ltd.'s initial public offer on Friday.
Six shareholders of the bank Robert and Ardis James Co., East River Holdings, Swiss Re Investors (Mauritius), Kamehameha Mauritius, Cuna Group (Mauritius), and FI Investments had approached the SAT with a plea to injunct the IPO.
Upcoming Tamilnad Mercantile Bank IPO: The private lender has fixed the IPO price band at Rs 500-525 per share for the Rs 832 crore initial share offer that would open between September 5 and September 7.
The Enforcement Directorate (ED) on Tuesday said it has seized assets worth Rs 293.91 crore belonging to Tamilnad Mercantile Banks (TMB) former Chairman Nesamanimaran Muthu alias MGM Maran under the Foreign Exchange Management Act (FEMA).
The Enforcement Directorate (ED) on Tuesday said it has seized assets worth Rs 293.91 crore belonging to Tamilnad Mercantile Bank s (TMB) former Chairman Nesamanimaran Muthu alias MGM Maran under the Foreign Exchange Management Act (FEMA).