The State Bank of India (SBI) announced plans to take SBI Funds Management (SBIFML) – the biggest fund house with assets under management of Rs 12.05 trillion – public through an initial offering (IPO) on Thursday.

“The executive committee of the Central Board (ECCB) of SBI has accorded approval to divest 3,20,60,000 equity shares, (32 million) being equivalent to 6.3007% of total equity capital of SBI Funds Management Limited through Initial Public Offering, subject to all regulatory approvals,” the bank said in a stock exchange filing.

The IPO Framework Agreement is expected to be executed on November 10 and is expected to be completed in 2026, subject to approval by the Securities and Exchange Board of India.

SBIFML is a joint venture between SBI (61.91%) and French fund manageme

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