New Delhi:
State Bank of India (SBI) on Wednesday said it has received board approval for the sale of its 6% stake in the SBI Mutual Fund through an IPO route. public offering (IPO).
The Executive Committee of the Central Board of Directors has approved allowing exploration of the possibility of selling off the bank’s 6% stake in SBI Funds Management Private Limited through an IPO route, SBI said in a regulatory filing. .
This is contingent on receiving all regulatory approvals, it added.
SBI Funds Management Pvt Ltd (SBIFMPL) is a Joint Venture between SBI and AMUNDI (France), one of the world’s leading fund management companies.
AMUNDI Asset Management purchased a 37% stake in the fund in April 2011, according to the SBI Mutual Fund’s website.
Accordingly, SBI currently holds a 63% stake in SBIFMPL and a 37% stake held by AMUNDI Asset Management through a subsidiary wholly owned by Amundi India Holding.
However, SBI’s regulatory filing does not clarify whether its foreign counterpart is diluting a stake in the asset management company.
Initially, this 37% stake was held by Societe Generale Asset Management SA, a subsidiary of Societe Generale SA, which was transferred to Amundi in June 2011, with SEBI approval.
