SBI gets Board nod to offload its 6 pc stake in SBI Mutual Fund via IPO


PTI, Dec 15, 2021, 11:12 AM IST

Image credit: ANI

New Delhi: The State Bank of India (SBI) on Wednesday said it has received board approval for selling its 6 percent stake in SBI Mutual Fund through the initial public offering (IPO) route.

The Executive Committee of Central Board has accorded approval for exploring possibilities to offload a 6 percent stake of the bank in SBI Funds Management Private Limited through the IPO route, SBI said in an early morning regulatory filing.

This is subject to receipt of all regulatory approvals, it added.

SBI Funds Management Pvt Ltd (SBIFMPL) is a Joint Venture between SBI and AMUNDI (France), one of the world’s leading fund management companies.

AMUNDI Asset Management picked up a 37 percent stake in the fund house in April 2011, according to the SBI Mutual Fund website.

Accordingly, SBI currently holds a 63 percent stake in SBIFMPL, and the 37 percent stake is held by AMUNDI Asset Management through a wholly-owned subsidiary — Amundi India Holding.

However, the SBI regulatory filing did not clarify if its foreign partner is also diluting its stake in the asset management company.

Initially, this 37 percent holding was held by Societe Generale Asset Management SA, a subsidiary of Societe Generale SA, which was transferred to Amundi in June 2011, with due approval of SEBI.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Heavy rainfall continues in Dakshina Kannada and Udupi

Karnataka govt. decides to implement recommendations of 7th Pay Commission

Officer among four soldiers killed in J&K’s Doda encounter

Rajasthan-based Youtuber held for threatening to kill Salman Khan gets bail

Karnataka to remain driving force behind India’s GCC Industry: IT Minister Priyank Kharge

Heavy rainfall in DK, Udupi; DC declares holiday for schools, PU colleges on July 16

Geetha Tonse Pai of the Manipal Pai family passes away

Related Articles More

Nifty hits fresh record high in early trade; Sensex climbs 290 points

Govt may introduce insurance laws amendment bill in Budget session

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: Analysts

Softbank exits Paytm at loss of around USD 150 mn

Direct tax mop-up rises 20 pc to Rs 5.74 lakh cr on higher corporate advance tax

MUST WATCH

Dr. Rajkumar

Poisoning – Prevention

Mulbagal Dosa Vasavi Food Point

Donald Trump

Elephant attack


Latest Additions

Heavy rainfall continues in Dakshina Kannada and Udupi

Not afraid of politically malicious criticism, says CM Siddaramaiah as opposition attacks his govt. over ‘scams’

Karnataka govt. decides to implement recommendations of 7th Pay Commission

Kedarnath priests oppose construction of temple’s replica in Delhi

Lakhs of devotees witness Lord Jagannath’s return car festival in Puri

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.