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US fund investors rack up TMB stake

Corsair Capital, a US-based private equity group, has emerged as the missing link connecting the foreign shareholders, who according to Reserve Bank of India, acted in concert to acquire over 16% stake in Tamilnad Mercantile Bank.

Earlier this week, RBI rejected a 2007 sale of shares by NRI businessman Sivasankaran to foreign investors including, FI Investments, Cuna Group, Kamehemaha Investors and Swiss Reinvestors—all incorporated in Mauritius—through which the investors arranged by Corsair Capital invested, sources said. Although the sale represented over 16% stake in the bank, none of the investors individually bought more than 5% as RBI does not permit any investor or investors in concert to hold more than 5% stake in a bank.

Source: Times of India

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