Monday, November 2, 2009

SBI reveals Indore swap ratio

The State Bank of India has decided the share swap ratio for the merger of the State Bank of Indore with itself. For every 100 shares held in its smallest subsidiary, a shareholder will get 34 shares of the SBI.

“The central board of the bank (SBI), at its meeting on October 31, has approved the proposed scheme of acquisition of the State Bank of Indore by the State Bank of India, including a share exchange ratio proposing allotment of 34 equity shares of State Bank of India, in lieu of 100 equity shares of State Bank of Indore,” the SBI informed the NSE.

The scheme is subject to the final approval by the boards of both the banks after the grievances of shareholders are considered. It also awaits the green signal by the RBI and the government.

0 comments: