New Delhi, Nov. 7 -- Public lender State Bank of India (SBI) today said it will sell a 6.3 percent stake in SBI Funds Management through an initial public offering.
In a stock exchange filing, SBI said, "The Executive Committee of the Central Board (ECCB) of State Bank of India in the meeting held today has accorded approval to divest 3,20,60,000 (32.06 million) equity shares, being equivalent to 6.3007 percent of total equity capital of SBI Funds Management Limited through Initial Public Offering, subject to all regulatory approvals."The IPO Framework Agreement is expected to be executed on November 10 and is expected to be completed in 2026, said SBI. Currently, SBI holds a 61.9 pc stake in SBI Funds Management, while Amundi has a 36.4 p...