SBI to issue shares on merger of State Bank of Indore

State Bank of India (SBI) has announced that the Central Board of the Bank, in its meeting held on March 26, 2010, has approved issuance of maximum 1,16,052 shares, of face value of Rs. 10 each, to the minority shareholders of State Bank of Indore as on record date at the agreed swap ratio (34 shares of State Bank of India for every 100 shares of State Bank of Indore), resulting in increase in the issued Capital of State Bank of India from Rs. 634,96,85,000 to Rs. 635,08,45,520.00 (maximum), subject to approval of the Scheme of Acquisition of State Bank of Indore by Government of India.

The stock was trading at Rs.2090, up by Rs.17.25 or 0.83%. The stock hit an intraday high of Rs.2094 and low of Rs.2074.

The total traded quantity was 89101 compared to 2 week average of 300203.

Source : Equity Bulls

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