SBI Funds raises Rs 1,655 crore in a pre-IPO placement

SBI Funds Management raised about Rs 1,655 crore through a pre-IPO placement, selling roughly 2.88 crore shares (1.42% stake) at Rs 574 per share to 30 institutional investors. Major investors included PI Opportunities Fund-II, Enam's Akash Manek Bhanshali (about Rs 200 crore each), and Prashant Jain's 3P India Equity Fund I (around Rs 150 crore). The placement was executed at the upper end of the IPO price band, indicating strong institutional demand ahead of the public issue.