SBI announces IPO of its mutual fund arm

French asset manager Amundi to sell 3.7% stake

- NESIL STANEY

STATE BANK OF India (SBI) on Thursday announced plans to take its asset management arm, SBI Funds Management (SBIFML) — the country’s largest fund house with assets under management (AUM) of ₹12.05 lakh crore — public through an initial public offering (IPO).

“The Executive Committee of the Central Board (ECCB) of SBI has accorded approval to divest 32.06 million equity shares, equivalent to 6.3007% of the total equity capital of SBI Funds Management through an initial public offering, subject to all regulatory approvals,” the bank said in a stock exchange filing.