SBI Funds Management listing makes some employees crorepatis
SBI Funds Management's recent stock market listing has resulted in significant financial gains for several employees holding equity stakes. Multiple executives, including the Deputy Managing Director, now hold shares valued in the multi-crore range.
Why it matters
This event illustrates the wealth-creation potential of employee stock ownership plans (ESOPs) within major Indian financial institutions.
SBI Funds Management stock listing: Years of employee stock ownership at SBI Funds Management is poised to generate multi-crore wealth for several executives as the country's largest asset management company enters the stock market. Based on the IPO issue price of Rs 574 per share, 13 employees own equity stakes valued at more than Rs 1 crore. SBI Funds Management made a strong debut on Dalal Street today, listing at a premium of around 7% over its IPO price. The stock opened at Rs 610 on the BSE, which is a gain of 6.27% from the issue price of Rs 574, while it listed at Rs 613.30 on the NSE.Deputy Managing Director Devinder Pal Singh stands to gain the most, with his vested shareholding valued at around Rs 121 crore, according to the company's prospectus.
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