The lender will sell 2.88 crore shares at Rs 574 apiece in a pre-IPO transaction as the mutual fund manager prepares for its public listing.
State Bank of India will sell a 1.4% stake in SBI Funds Management Ltd. for about Rs 1,655 crore through a pre-initial public offering transaction, according to an exchange filing.
The country's largest lender will divest 2.88 crore shares at Rs 574 apiece. Following the transaction, SBI will remain the largest shareholder in the asset manager, in which it currently owns 126 crore shares, or 61.86%. Amundi India Holding owns 74crore shares, representing a 36.33% stake, according to the company's red herring prospectus.
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The sale comes ahead of SBI Funds Management's proposed initial public offering, which consists entirely of an offer for sale by existing shareholders. The company will not issue fresh shares and will not receive any proceeds from the public issue.
Under the IPO, SBI plans to sell up to 12.83 crore shares, while Amundi India Holding will offer up to 7.54 crore shares, taking the total offer size to as many as 203.7 million shares. The issue is scheduled to open for subscription on July 14, with anchor investors set to bid a day earlier. The offer closes on July 16.
SBI Funds Management acts as the investment manager to SBI Mutual Fund and is jointly promoted by SBI, Amundi India Holding and Amundi Asset Management.
According to the prospectus, SBI Funds Management reported Rs 12.51 lakh crore in mutual fund assets and a market share of 15.3% as of March 2026. Including its portfolio management services and advisory mandates, total quarterly average assets under management stood at Rs 29.46 lakh crore.
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