SBI merger ratio announced for SBT, SBM, SBBJ and BMBL

SBI merger ratio announced for SBT, SBM, SBBJ and BMBLState Bank of India (SBI) on Thursday approved the share swap ratios for the merger of five associate banks and Bharatiya Mahila Bank with itself. The bank’s board had approved the scheme of acquisition, SBI informed stock exchanges in a notice. SBI will issue 28 shares of Rs 1 each for 10 shares of Rs 10 each for the State Bank of Bikaner and Jaipur, and 22 shares for 10 shares of the State Bank of Mysore. Likewise, shareholders of State Bank of Travancore (SBT) will also get 22 shares in SBI for every 10 shares held by them in SBT. SBI will also issue 44.2 million shares to the government for one billion shares of Bharatiya Mahila Bank, a Delhi-based bank started in 2013 and wholly-owned by the government.
As for the unlisted State Bank of Patiala and State Bank of Hyderabad, in which SBI holds 99 per cent each, it would be a line-by-line merger, SBI’s Chief Financial Officer and Deputy Managing Director Anshula Kant said. All shares held by SBI in the five associate banks will stand cancelled after merger.

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