State Bank of India has announced that it is seeking "in principle sanction" of the Central Government to enter into negotiation with the subsidiary banks (State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore) and Bharatiya Mahila Bank Limited to acquire their businesses including assets and liabilities.
SBI stock was up by 1% at Rs.178. State Bank of India has announced that it is seeking "in principle sanction" of the Central Government to enter into negotiation with the subsidiary banks (State Bank of Bikaner and Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala and State Bank of Travancore) and Bharatiya Mahila Bank Limited to acquire their businesses including assets and liabilities.
While the decision is purely exploratory at this stage and there is no certainty in relation to our completing the acquisitions, the Bank, as a matter of good corporate governance to ensure complete transparency, are intimating this decision.
The scrip opened at Rs. 177.1 and has touched a high and low of Rs. 179 and Rs. 173.65 respectively. So far 7730226(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 137439.97 crore.
The BSE group 'A' stock of face value Rs. 1 has touched a 52 week high of Rs. 305 on 22-May-2015 and a 52 week low of Rs. 148.3 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs. 189.4 and Rs. 175.3 respectively.
The promoters holding in the company stood at 60.18 % while Institutions and Non-Institutions held 27.88 % and 10.07 % respectively.
The stock is currently trading below its 200 DMA.
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