State Bank of India’s board approved the merger of associate banks with itself, in a move that would make the government-owned lender a global-sized bank.
The transaction is subject to approval from the Reserve Bank of India and the government, SBI said in a press release.
Merger Contours
Here’s the merger ratio that’s been approved by the board.
- SBI to issue 28 shares for every 10 shares of State Bank of Bikaner & Jaipur
- SBI to issue 22 shares for every 10 shares of State Bank of Mysore
- SBI to offer 22 shares for every 10 shares of State Bank of Travancore
- SBI to issue 4.42 crore shares for every 100 crore shares of Bharatiya Mahila Bank
The cabinet had approved the merger of associate banks with SBI on June 15.
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