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The shares of the associate banks of State Bank of India closed 3 to 14 per cent up on Tuesday on reports that they will be merged to form a new bank.
However, SBI shares closed a shade lower at Rs 177 apiece, down 0.11 per cent over the previous close on the BSE.
Of the five SBI associate banks, three -- State Bank of Mysore (SBM), State Bank of Bikaner & Jaipur (SBBJ) and State Bank of Travancore (SBT) -- are listed. State Bank of Hyderabad (SBH) and State Bank of Patiala (SBP) are not listed.
SBM shares shot up 13.64 per cent (or Rs 51.60) to close at Rs 430 apiece over the previous close. SBT shares ended up 9.84 per cent (Rs 35.75) at Rs 399 per share. SBBJ shares closed 3.24 per cent higher (Rs 15.80) at Rs 504.15 a share.
SBI owns 90 per cent stake in SBM; 75.07 per cent in SBBJ; and 78.91 per cent in SBT. SBH and SBP are 100 per cent subsidiaries of SBI.
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