MUMBAI: State Bank of India is not looking to dilute its stake further in its asset management arm SBI Funds Management, a top official said on Tuesday.

Speaking at the listing ceremony of SBI FM, the largest asset manager in the country, SBI chairman CS Setty said, “At this moment, we are not looking for any more dilution”.

He quickly added that capital markets regulator Sebi’s minimum public holding norms will dictate any stake sales from here on.

SBI sold around 6 per cent of its stake in the asset management company as part of the IPO process and now owns over a 55 per cent stake. Its joint venture partner Amundi, a global asset manager, diluted its nearly 4 per cent stake and owns a 32.5 per cent stake. Put together, both the promoters own around an 88 per cent stake, which has to come down in phases to 75 per cent.

The Rs 9,812-crore IPO was one of the biggest issuances to hit the market in recent times, which has seen sharp volatilities in the market, especially due to geopolitical swings. The issue entirely consisted of an offer for sale from the existing shareholders and did not have any fresh issuance component in it.

Setty said the business built over nearly two decades is not so capital dependent, and the purpose of going for a public listing was also to systemically better move where the largest of the fund houses is listed.