SBI sells stake in SBIFM for Rs 1,655 crore

NEW DELHI: State Bank of India (SBI) has sold 1.42 per cent stake in its asset management arm, SBI Funds Management Ltd (SBIFM), to 30 investors for Rs 1,655 crore in a pre-IPO placement round, the bank said.

The lender sold the stake at Rs 574 per share, which is also the higher end of the IPO price band, as per an exchange filing.

SBI Funds Management’s Rs 11,600-crore maiden public equity offering will open on July 14 and conclude on July 16. The entire IPO is an Offer for Sale (OFS) by promoters SBI and Amundi India Holding.

SBI sold the shares to investors including 360 ONE funds, Tata A IG General Insurance Company, Go Digit General Insuranc e, Bennett Coleman,

Anand Rathi Global Finance, Capri Global Ventures and Carnelian Bharat Amritkaal Fund.

“State Bank of India has entered into share purchase agreements each dated July 9, 2026 t o sell, in aggregate, 2,88,3 2,748 equity shares of SBIFM of face value Rs 1 each being equivalent to 1.415 per cent o f pre-offer share capital of SBIFM, to a total of30 investors at Rs 574 per equity share, for an aggregate consideration of Rs 1,655 crore,” the bank said in a filing on Thursday.

The sale is part of the preIPO pl acement ahead of the proposed initial public offering (IPO) of SBIFM, the asset management arm of SBI.

One of the largest IPOs in the recent times, it is set to be succeeded by mega issuances from larges t stock exchange NSE and telco Jio Platforms.