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Shares of State Bank of India and its subsidiaries as the Union Cabinet on Wednesday gave its in-principle nod for State Bank of India (SBI)’s proposal to gobble up its five associate banks.
Shares of SBI jumped 3.9 per cent to Rs 215.65. State Bank of Bikaner and Jaipur and State Bank of Tranvancor rallied 20 per cent each to hit upper limit of Rs 599.60 and Rs 478.90, respectively.
Shares of State Bank of Mysore and State Bank of Travancore hit their highest since April and May 2015, respectively.
State Bank of Bikaner and Jaipur hit its highest in nearly eight months.
This nod came nearly a month after the SBI Board had on May 17 cleared a proposal to merge all its five associate banks and Bharatiya Mahila Bank with itself.
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