SBI Mutual Fund's IPO plan shelved for now, says SBI chairman ...
16 October 2024
State Bank of India chairman Dinesh Kumar Khara announced that the planned share sale of the bank's mutual fund subsidiary has been put on hold for the time being. SBI Mutual Fund, the largest asset manager in India with around Rs 6.5 lakh crore in assets under management, had selected seven merchant bankers for a USD 1 billion IPO in February. However, due to market volatility following the Russian invasion of Ukraine, the IPO plan has been shelved. Khara stated that there are currently no plans to list SBI Mutual Fund, and without citing any specific reasons, he confirmed that the IPO plan is on hold. Previously, on December 15, 2021, SBI had announced intentions to offload a 6 percent stake in SBI MF through an IPO, aiming to raise around USD 1 billion. SBI holds a 62.6 percent stake in SBI Mutual Fund, while the remaining 36.8 percent is owned by the leading French insurer Amundi Asset Management, which was planning to offload 4 percent of its holding.
State Bank of India chairman Dinesh Kumar Khara announced that the planned share sale of the bank's mutual fund subsidiary has been put on hold for the time being. SBI Mutual Fund, the largest asset manager in India with around Rs 6.5 lakh crore in assets under management, had selected seven merchant bankers for a USD 1 billion IPO in February. However, due to market volatility following the Russian invasion of Ukraine, the IPO plan has been shelved. Khara stated that there are currently no plans to list SBI Mutual Fund, and without citing any specific reasons, he confirmed that the IPO plan is on hold. Previously, on December 15, 2021, SBI had announced intentions to offload a 6 percent stake in SBI MF through an IPO, aiming to raise around USD 1 billion. SBI holds a 62.6 percent stake in SBI Mutual Fund, while the remaining 36.8 percent is owned by the leading French insurer Amundi Asset Management, which was planning to offload 4 percent of its holding.
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