SBI sells 1.42% stake for 1,655 crore in SBI Funds Management ahead of arm's IPO
State Bank of India has sold a 1.42% stake in its asset management arm, SBI Funds Management, to 30 investors for ₹1,655 crore. This pre-IPO placement precedes the company's upcoming public offering scheduled for mid-July.
Why it matters
This is a significant financial move for one of India's largest banks, signaling investor confidence ahead of a major public market debut.
State Bank of India (SBI) has sold 1.42% stake in its asset management arm, SBI Funds Management Ltd (SBIFM), to 30 investors for ₹1,655 crore in a pre-IPO placement round, the bank said.
The lender sold the stake at ₹574 per share, which is also the higher end of the IPO price band, according to an exchange filing.
SBI Funds Management's ₹11,600-crore maiden public equity offering will open on July 14 and conclude on July 16. The entire IPO is an Offer for Sale (OFS) by promoters SBI and Amundi India Holding.
SBI sold the shares to investors including 360 ONE funds, Tata AIG General Insurance Company, Go Digit General Insurance, Bennett Coleman, Anand Rathi Global Finance, Capri Global Ventures and Carnelian Bharat Amritkaal Fund.
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