15 Dec , 2021 By : Kanchan Joshi
SBI board has approved exploring possibilities to offload 6% in SBI funds management via an initial public offering (IPO) route.
“Pursuant to Regulation 30 and other applicable provisions of SEBI (LODR) Regulations, 2015, we advise that the Executive Committee of Central Board of the Bank has accorded approval for exploring possibilities to offload 6% stake of the Bank in SBI Funds Management Private Limited through IPO route, subject to receipt of all regulatory approvals," the company said in a regulatory filing.
Bloomberg had reported in February 2021 that the country’s largest bank is looking to raise $1 billion through this IPO. SBI’s mutual fund is currently valued at about $7 billion, it said.
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