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SBI MF to choose i-banks for $500-M IPO mandate

Mint  

SBI Funds Management Ltd is set to choose investment banks soon to manage its public issue that is likely to see the asset management company raise at least USD 500 million. A joint venture between State Bank of India (SBI) and France's Amundi Asset Management, SBI MF has received bids from many investment banks. The company had indicated that the IPO would comprise a combined 10% stake sale by SBI and Amundi. SBI will sell a 6% stake and Amundi, 4%. SBI currently holds 62.63% in SBI Funds, and the rest, 36.78%, is held by Amundi through its wholly owned unit, Amundi India Holding. Headquartered in Mumbai, SBI Funds is the largest mutual fund in India in terms of assets under management (AUM). It had an average AUM of INR 5.79 trillion in the September quarter.