SBI Funds Management gets Sebi nod for IPO

SBI Funds Management has received Sebi approval to launch its IPO, filed via a draft red herring prospectus in March. The issue is entirely an offer for sale of 20.37 crore equity shares by existing shareholders State Bank of India and Amundi India Holding, representing around 10% of the paid-up equity share capital. In the unlisted market, SBI Funds shares traded at about 815 apiece, valuing the company at around 1.65 lakh crore.