SBI, Amundi plan IPO for SBI Funds Management

State Bank of India (SBI)is planning an Initial Public Offering (IPO) for its mutual fund joint venture with French asset manager Amundi. State Bank of India (SBI) and Amundi could together sell 10% in India's largest mutual fund with assets under management (AUM) of INR 6.30 lakh crore - in the share sale. The mutual fund player is likely to raise about USD 1 Billion via its initial stake sale, valuing the company around USD 7 Billion.