SBI
SBI's Rs 1,655 crore move ahead of mega IPO—Here's what's happening
Mumbai/IBNS: State Bank of India (SBI) has decided to sell a 1.4 percent stake in SBI Funds Management Ltd. through a pre-initial public offering (pre-IPO) deal worth Rs 1,655 crore, according to the company's filing cited by media reports.
The country's largest lender will sell 2.88 crore shares at Rs 574 per share as the mutual fund manager prepares for its public listing.
SBI to remain majority shareholder
Despite the stake sale, SBI will continue to be the largest shareholder in SBI Funds Management.
The public sector lender currently holds around 126 crore shares, translating to an approximately 62 percent stake in the asset management company.
Meanwhile, Amundi India Holding owns around 74 crore shares, representing nearly a 36 percent stake.
IPO to be entirely an offer for sale
The stake sale comes ahead of SBI Funds Management's proposed initial public offering (IPO).
According to an NDTV Profit report, the IPO will consist entirely of an offer for sale (OFS) by the existing shareholders, with no fresh issue of shares.
Under the IPO, SBI plans to offload more than 12 crore shares, while Amundi India Holding will sell 7.54 crore shares.
Subscription dates
The IPO is scheduled to open for subscription on July 14 and will remain open until July 16.
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