SBI to sell 1.42% stake in SBI Funds in pre-IPO deal

State Bank of India is selling a 1.42 percent stake in SBI Funds Management via a pre-IPO placement of 28.8 million shares at 574 rupees per share, the top end of the IPO price band. Buyers include Tata AIG General Insurance, Go Digit General Insurance, 360 ONE funds, Bennett Coleman, and several alternative investment funds and family offices, signalling strong institutional demand. SBI Funds Management's 1.22 billion dollar IPO opens on July 14 at a price band of 545 to 574 rupees per share, with SBI and Amundi India Holding together divesting around 10 percent via an offer for sale.