SBI Funds IPO process has kick-started. (Photo: NDTV Profit) Show Quick Read Summary is AI Generated. Newsroom Reviewed

State Bank of India (SBI) is set to take its asset management arm public. The executive committee of the lender's board has approved a partial divestment of its stake in SBI Funds Management Limited (SBIFML) through an Initial Public Offering (IPO), according to an exchange filing on Thursday.

In a meeting on Nov. 6, the Executive Committee of the Central Board (ECCB) greenlit the plan to sell 3.2 crore equity shares. This offering will be equivalent to 6.3007% of the total equity capital of SBI Funds Management.

The bank's joint venture partner, Amundi India Holding, will also participate in the offer, selling 1.88 crore shares, or a 3.7006% stake.

SBI Funds Man

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