SBI, Associate banks gain as board approves merger ratio
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State Bank of India (SBI) & its listed associate banks mainly State Bank of Travancore (SBT) and State Bank of Bikaner & Jaipur (SBBJ) have rallied by up to 9% on the BSE in early morning trade after SBI on Thursday approved the share swap ratios for the merger of five associate banks and Bharatiya Mahila Bank with itself.
SBI will issue 28 shares of Rs 1 each for 10 shares of Rs 10 each for the SBBJ, and 22 shares for 10 shares of the SBT. Likewise, shareholders of SBM will also get 22 shares in SBI for every 10 shares held by them in SBM.
Among the individual stocks, SBI up nearly 4% to Rs 257, while SBT surged 9% to Rs 550 and SBBJ up 4% to Rs 700 on the BSE in intra-day trade. State Bank of Mysore (SBM), however, tanked 12% to Rs 546 in intra-day trade.
Since May 18, all these four banks had outperformed the market by gaining more than 30% after the government kickstarted the process of bank consolidation, starting with the country’s largest lender SBI, in which the government has a 61.32% stake. The S&P BSE Sensex was up 9% during the same period till yesterday.
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