bhagavan -- the lord; sarva -- of all; bhuta -- created beings; isah -- the master; saranyah -- the giver of shelter; bhakta -- to his devotees; vatsalah -- compassionate; varena -- with a choice of benedictions; chandayam asa -- gratified him; sah -- he, Bana; tam -- him, Lord Siva; vavre -- chose; pura -- of his city; adhipam -- as the guardian.

The lord and master of all created beings, the compassionate refuge of his devotees, gladdened Banasura by offering him the benediction of his choice. Bana chose to have him, Lord Siva, as the guardian of his city.