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Board of State Bank of Travancore approves scheme of acquisition

State Bank of Travancore announced that the Board of Directors of the Bank at its meeting held on 18 August 2016 have accorded approval to the scheme of acquisition of the State Bank of Travancore by State Bank of India, under Section 35 of the State Bank of India Act, subject to approval of scheme by Reserve Bank of India and the Government of India.

The Scheme provides for allotment of 22 equity shares of Re 1 each of State Bank of India for every 10 equity shares of Rs 10 each of State Bank of Travancore.

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