Mumbai/IBNS, July 10 -- State Bank of India (SBI) has decided to sell a 1.4 percent stake in SBI Funds Management Ltd. through a pre-initial public offering (pre-IPO) deal worth Rs 1,655 crore, according to the company's filing cited by media reports.

The country's largest lender will sell 2.88 crore shares at Rs 574 per share as the mutual fund manager prepares for its public listing.

Despite the stake sale, SBI will continue to be the largest shareholder in SBI Funds Management.

Meanwhile, Amundi India Holding owns around 74 crore shares, representing nearly a 36 percent stake.

The stake sale comes ahead of SBI Funds Management's proposed initial public offering (IPO).

Under the IPO, SBI plans to offload more than 12 crore shares, ...