New Delhi, Nov. 6 -- State Bank of India (SBI) on Thursday announced its decision to divest 3,20,60,000 equity shares, being equivalent to 6.3007 per cent of total equity capital of SBI Funds Management Limited (SBIFML) through Initial Public Offering (IPO), subject to regulatory approvals.

According to a release, Amundi India Holding, the other promoter of SBIFML will divest 1,88,30,000 equity shares, being equivalent to 3.7006 per cent of total equity capital of SBIFML, with a total of 10.0013 per cent stake comprising of 5,08,90,000 shares to be listed.

Both the promoters of SBIFML have jointly initiated the IPO, which will likely be completed in 2026.

SBI Mutual Fund was established in the year 1987 with SBI as the sponsor and was ...