<p>State Bank India, on Monday, said it has set in motion the process of merging State Bank of Indore with itself by agreeing to give 34 shares of SBI to minority shareholders for every 100 shares of the associate bank. <br /><br />“The SBI central board, in its meeting held on March 26, 2010, 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 SBI for every 100 shares of State Bank of Indore),” SBI, which holds 98 per cent stake in the entity, said.<br />Meanwhile, SBI announced the launch of operations of SBI Custodial Services its joint venture with Societe Generale. </p>
<p>State Bank India, on Monday, said it has set in motion the process of merging State Bank of Indore with itself by agreeing to give 34 shares of SBI to minority shareholders for every 100 shares of the associate bank. <br /><br />“The SBI central board, in its meeting held on March 26, 2010, 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 SBI for every 100 shares of State Bank of Indore),” SBI, which holds 98 per cent stake in the entity, said.<br />Meanwhile, SBI announced the launch of operations of SBI Custodial Services its joint venture with Societe Generale. </p>
