SBI
SBI makes big move! Plans to sell 6.3% stake in SBI Funds Management through mega IPO
Mumbai/IBNS: The State Bank of India (SBI) on Thursday approved the selling of Rs. 3.20 crore equity shares representing 6.3% of the total equity capital of its mutual fund arm SBI Funds Management Limited (SBIFML) via IPO, media reports said.
Amundi India Holding, the other promoter of SBIFML, will also divest Rs. 1.88 crore shares representing 3.7% of the total equity capital.
Ten percent of SBIFML's equity will be listed through the two divestments.
The largest lender of India said the two promoters have jointly initiated the IPO process, which will be concluded in 2026.
SBI chairman Challa Sreenivasulu Setty said as quoted by CNBC TV 18, "SBI Funds Management Limited will be the third subsidiary of SBI to be listed after SBI Cards and SBI Life Insurance.
"Considering SBIFML’s sustained strong performance and market leadership, it is an opportune time to launch the IPO process."
Setty said the public offer will help the stakeholders to broaden their market participation and in a way maximise the visibility of SBI Mutual Fund products among a wider investor base, the report further said.
At present, SBI has 61.91% and Amundi has India Holding has 36.36% stake in SBIFML.
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