State Bank of India sold a 1.42% stake in SBI Funds Management Ltd. (SBIFM) for ₹1,655 crore through a pre-IPO placement to 30 investors. The sale was done at ₹574 per share, which the release says matches the higher end of the IPO price band.
The development is important because it comes ahead of SBIFM’s ₹11,600-crore IPO, signalling active capital-market fundraising around one of India’s largest asset managers.
What happened
The stake sale was conducted by State Bank of India, which is a promoter in SBI Funds Management Ltd. The placement brought in a set of institutional buyers before the company’s public issue.
The release lists participating investors such as fund and insurance entities and other financial institutions, indicating institutional interest ahead of the listing process.
Background and earlier position
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