Team News Riveting
Mumbai, December 15
The State Bank of India (SBI) is exploring the options to offload six per cent stake in SBI Funds Management Private Limited (SBIFMPL) through 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,” country’s largest lender said in a regulatory filing today.
SBIFMPL is a Joint Venture between SBI and AMUNDI (France), one of the world’s leading fund management companies. According to company’s profile, a shareholder agreement in this regard has been entered on April 13, 2011 between SBI and AMUNDI Asset Management.
Accordingly, SBI currently holds 63 per cent stake in SBIFMPL and the 37 per cent stake is held by AMUNDI Asset Management through a wholly owned subsidiary, Amundi India Holding.
