Comment on Reverse Arbitrage? SLB?

Sir,
extremely sorry for mixing calender spread with rev.arb,again same question let us say i know sbi going ex dividend,even then y would i not borrow sbi and sell the shares and buy futures,this 30-40 rs difference will close down and i would get risk free return on expiry(,and i suppose the dividend will directly go in the bank a/c of orginal holder),so eventually purpose solved;coincidence of spot and future prices,y should we bother if its giving dividend or not?

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