NADARS MAY CLINCH DEAL ON TMB SHARE BUYBACK

Article Abstract:

The Nadar groups are likely to settle a deal with Mr C Sivasankaran, a non-resident Indian businessman, for taking back Tamilnad Mercantile Bank (TMB). A majority of the Nadar groups are favouring the compromise package offered by the businessman for selling his stake in the bank. Mr Sivasankaran, who holds a 67 percent stake in TMB, has offered a 47 percent stake to the Nadar Sangam for Rs70 crore, which comes to Rs5500 per share. He plans to realise a higher price of about Rs8500 per share for the remaining 20 percent stake by selling it to financial institutions. The Nadar community holds about 25 percent stake in the bank. (khr)

Comment:

The Nadar groups are likely to settle a deal with Mr C Sivasankaran, a non-resident Indian businessman, for taking back Tamilnad Mercantile Bank (TMB).

Asset sales & divestitures, Acquisitions & mergers, Tamil Nadu Mercantile Bank

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BANK BOSTON DOWNS SHUTTER IN INDIA, 100 POSITIONS TO GO

Article Abstract:

Bank Boston of the US which has a representative office in Mumbai plans to close down its operations in India. It plans to close down its branches in Japan, the Philippines and Taiwan. Its headquarters will be located in Singapore with branches at Hong Kong, Korea and representative offices in Korea and Indonesia. The bank was engaged in trade financing, corporate financing, foreign exchange and financial reengineering in Asia. About 100 posts will be removed by the closure of branches in Asian countries. (rk)

United States, Foreign operations, Parent-to-subsidiary activities, BankBoston Corp., BKB

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