SAT dismisses plea opposing Tamilnad Mercantile Bank's Rs 830 cr IPO

Three shareholders of TMB had sought a stay on the share sale, aggrieved by TMB's decision to drop the OFS component

The Securities Appellate Tribunal (SAT) on Friday dismissed pleas opposing the Rs 830-crore initial public offering (IPO) of private sector lender Tamilnad Mercantile Bank (TMB).

The tribunal, which heard the matter on an urgent basis as the TMB’s IPO opens on Monday, said it didn’t see any merit in the appeals.

Three existing shareholders of TMB--Robert and Ardis James Co, East River Holdings and Swiss RE—had moved SAT seeking a stay on the share sale aggrieved by TMB’s decision to drop the offer for sale (OFS) component.

In September 2021, when TMB filed its draft red herring prospectus (DRHP) with