New Delhi, July 8 -- State Bank of India (SBI) on Wednesday said its asset management joint venture, SBI Funds Management (SBIFM), has filed the red herring prospectus (RHP) for its proposed initial public offering (IPO).

According to SBI's regulatory filing, the IPO is entirely an offer for sale (OFS) of up to 203.71 million equity shares, representing up to 10% of SBIFM's paid-up equity share capital.

Under the OFS, State Bank of India will divest up to 128.33 million equity shares, equivalent to a 6% stake in SBIFM, while joint venture partner Amundi India Holding will sell up to 75.37 million equity shares, representing a 3.70% stake.

As the issue is entirely an OFS, SBI Funds Management will not receive any proceeds from the publi...