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M. Ramesh

Chennai June 10 Investment arms of the global reinsurance major Swiss Re and the New Jersey-based Federal Insurance Company are among the seven foreign investors who have recently picked up 16.47 per cent stake in Tamilnad Mercantile Bank.

It is understood that these shares were bought (from Mr C. Sivasankaran of the Sterling group) for a consideration of Rs 24,000 a share.

In a recent transaction that has been approved by the Reserve Bank of India, Mr Sivasankaran sold 95,418 shares of the bank, amounting to 33.58 per cent, effectively bringing the curtains down on the saga of a 14-year-old, controversial stake-sale.

At Rs 24,000 a share, the total value of the deal works out to Rs 112 crore.

While foreign investors bought 46,862 shares, another lot of 48,556 shares (17.06 per cent) was bought by domestic investors, which included investors from Andhra Pradesh and New Delhi.

A section of the Nadar community, which has been trying to `retrieve' the bank from non-Nadars, has expressed unhappiness over the deal.

Related Stories:
Foreign investors pick up 16.47% stake in TMB

More Stories on : Private Banks | Foreign Institutional Investors

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