New Delhi, Nov 6 || State Bank of India (SBI) on Thursday announced to divest 3,20,60,000 equity shares or 6.3007 per cent of the total equity capital of SBI Funds Management Limited (SBIFML) through initial public offering (IPO).
Additionally, Amundi India Holding, the other promoter of SBIFML, will divest 1,88,30,000 equity shares, being equivalent to 3.7006 per cent of the total equity capital of SBIFML, with a total of 10.0013 per cent stake comprising 5,08,90,000 shares to be listed, according to its stock exchange filing.
“SBI Funds Management Limited (SBIFML) 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 over the years, it is considered an opportune time to launch the IPO process," said SBI Chairman Challa Sreenivasulu Setty.
Apart from maximising value realisation for existing stakeholders, the IPO will create opportunities for general shareholders, broaden market participation, and lead to increased awareness of the products among a wider set of potential investors, he added.