Shares of two associate banks of SBI ended with gains of up to 9.5 per cent today on the proposed merger of its five associate lenders with the parent firm.
State Bank of Mysore surged 9.44 per cent to settle at Rs 467 and State Bank of Travancore gained 2.37 per cent to Rs 408.55 on BSE.
Shares of State Bank of Bikaner and Jaipur, however, pared early gains and ended 2.90 per cent lower at Rs 494.20 after rising 4.52 per cent to Rs 532 during the day.
These banks had gained up to 13 per cent in the previous session also.
Top state-run lender SBI yesterday proposed merger of its five associate banks and newly created Bharatiya Mahila Bank (BMB) with itself, a move that will create a Rs 37-lakh crore banking behemoth with over 50 crore customers.
After a hurriedly called board meeting of SBI as well as its associate banks, SBI said it has sought government approval for the merger.
The five associate banks that will merge are State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, and State Bank of Travancore.
Among these, State Bank of Bikaner and Jaipur, State Bank of Mysore and State Bank of Travancore are listed.
