The Nadar-community dominated Tamilnad Mercantile Bank (TMB) is among the few old private banks that remain unlisted on the exchanges. The Reserve Bank of India had in 2011 asked the bank to list its shares through an IPO.

Four years have gone by, but there is no clue yet on when this will happen.

The then Chief Executive AK Jagannathan said, “The annual general meeting holds the key, where proposals for IPOs, bonus and rights issues can be made. However, a couple of lawsuits would have to be settled to go ahead with the AGM.”

His successor Nagendra Murthy maintained that the paperwork and groundwork were almost done. “We are ready. The timing can be decided only after the court sets the date for the AGM.” (This was in 2013).

‘Ray of hope’ Now, since July 2014, HS Upendra Kamath is at the helm. When Business Line asked him about the IPO, he said, “We are trying our best to make things happen. There is an increased feeling among people who matter that the AGM should be conducted soon and I see a ray of hope in that. Hopefully, in the next few months we should be able to move forward on this issue. I can’t share more details and wish to leave it at that.”

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