SBI MF IPO: The country’s largest bank State Bank of India (SBI) has announced today that it has got approval to reduce stake in SBI Mutual Fund.
SBI MF IPO: The country’s largest bank State Bank of India (SBI) has announced on Wednesday (December 15) that it has got approval to reduce stake in SBI Mutual Fund. According to the information, SBI has got approval from the board to reduce 6 percent stake in SBI Mutual Fund through Initial Public Offering (IPO). However, it is yet to get regulatory approval. SBI can proceed on this only after getting regulatory approval.
HP Adhesives’ IPO opened today, know about the company’s business status from issue to point-wise
Joint Venture of SBI and French Fund Management Company
In a regulatory filing on Wednesday morning, SBI informed that the executive committee of its central board has approved the possibility of reducing 6 per cent stake in SBI Funds Management Private Limited. SBI Fund Management Private Limited is a Joint Venture between SBI and AMUNDI of France. AMUNDI is one of the largest fund management companies in the world. According to the information given on the website of SBI Mutual Fund, in April 2011 AMUNDI Asset Management had bought 37 percent stake in the fund house. The remaining 63 percent stake is with SBI. Amundi India Holding holds 100% stake in AMUNDI Asset Management.
Stocks in Foucs: Today focus on these stocks including Adani Green-Anand Rathi, experts suggested these stocks for intra-day
Whether the French company will reduce stake, not clear
SBI wants to reduce its 6 percent stake in SBI Mutual Fund, which has been approved by the board. However, it is not clear in the regulatory filing whether the French company will also reduce its stake. Earlier 37 percent stake in the French company was with Societe Generale Asset Management SA, which is a subsidiary of Societe Generale SA. This 37 percent stake was transferred to the French company in June 2021, which had to get approval from the market regulator SEBI.
Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.