State Bank India(SBI) has fixed March 17 as the record date of share swap for the merger of its five associate banks with itself. The merger process of the associate banks -- State Bank of Bikaner and Jaipur, State Bank of Mysore, State Bank of Travancore, State Bank of Patiala and State Bank of Hyderabad -- will take effect from April 101,2017
The executive committee of the central board of SBI fixed March 17,2017 as the record date for determining the eligible minority shareholders of SBBJ, SBM and SBT entitled to receive equity shares of face value of Re 1 each, of SBI at the agreed swap ratio, the bank said in a regulatory filing on stock exchanges.
The board of SBI earlier approved the merger plan under which SBBJ shareholders will get 28 shares of SBI (Re 1 each) for every 10 shares (Rs 10 each) held. Similarly, SBM and SBT shareholders will get 22 shares of SBI for every 10 shares.