State Bank of India said it has received board approval for selling its 6% stake in SBI Mutual Fund through the Initial Public Offering (IPO) route on Wednesday.
The central board’s executive committee has accorded approval for exploring possibilities to offload 6% stake of the bank in SBI Funds Management Private Limited through IPO route, SBI said in an early morning regulatory filing.
It added that this is subject to receipt of all regulatory approvals. 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 37% stake in the fund house in April 2011, according to SBI Mutual Fund website.
Currently, SBI holds 63% stake in SBIFMPL and the 37% stake is held by AMUNDI Asset Management through a wholly-owned subsidiary, Amundi India Holding.
However, the bank’s regulatory filing did not clarify if its foreign partner is also diluting stake in the asset management company.
Initially, this 37 % 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.
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