Nadars bank on Iyengar to control Tamilnad Mercantile Bank

Chennai: The share transfer saga of Tuticorin-based Tamilnad Mercantile Bank (TMB) continues to have its twists and turns. The latest information suggests that the Nadars are now banking on a Tamil Iyengar, Ramesh Vangal led foreign investor group to regain and retain the bank control for the betterment of the community.

Vangal is the promoter of the Bangalore-based Katra group, and hails from Vangal village near Karur in Tamil Nadu.

Last year, a group of foreign investors led by Vangal bought out the 24.93 per cent holding of the Sterling group, promoted by C Sivasankaran, for a price Rs186 crore.

The investors are Vangal/Katra Holdings (10,364 shares, 3.64 per cent), Rajat Gupta (14,080, 4.95 per cent) Ravi S Trehan (2845, 1 per cent), Kamehameha Mauritius (2025, 0.71 per cent), Cuna Group Mauritius 2025, 0.71 per cent), FI InvestmentsMauritius (5399, 1.90 per cent), Swiss Re Investors (10124, 3.56 per cent), Gokul Patnaik (10589, 3.72 per cent) and Vector Program (13455, 4.73 per cent).

According to Nadar community leaders, another 8.62 per cent of TMB shares were transferred in the name of B Ramachandra Adityan, ex-director and his family members.

The deal was facilitated by Adityan and MGM Maran, chairman, TMB, both Nadars.