Comments
State Bank of India will explore an initial public offering for its mutual fund joint venture, extending a record year for listings in the market.
The country’s largest lender plans to sell a 6 per cent stake in SBI Funds Management Pvt., it said in a statement Wednesday. State Bank owns 63 per cent of the fund manager and Amundi Asset Management holds the rest.
The IPO could seek to raise about $1 billion, Bloomberg News had reported in February.
SBI’s mutual fund has more than 6 trillion rupees ($79 billion) of assets under management, according to SBI’s website, controlling nearly 16 per cent of market share. The firm earned a profit of 5.03 billion rupees ($66.3 million), the highest among SBI’s unlisted subsidiaries.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.