India’s largest asset manager SBI Funds Management filed for an initial public offering, where its existing investors State Bank of India and Amundi will together offload a 10% stake, its draft prospectus showed on Thursday.
In their second attempt to list the asset manager, SBI, India’s largest lender, will sell a 6.3% stake, while Europe’s biggest fund manager, Amundi, will sell a 3.7% stake.
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SBI Funds Management has a market share of more than 15% and manages assets worth 12.5 trillion rupees ($134.15 billion).
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