Mumbai/IBNS, Nov. 6 -- The State Bank of India (SBI) on Thursday approved the selling of Rs. 3.20 crore equity shares representing 6.3% of the total equity capital of its mutual fund arm SBI Funds Management Limited (SBIFML) via IPO, media reports said.

Amundi India Holding, the other promoter of SBIFML, will also divest Rs. 1.88 crore shares representing 3.7% of the total equity capital.

Ten percent of SBIFML's equity will be listed through the two divestments.

The largest lender of India said the two promoters have jointly initiated the IPO process, which will be concluded in 2026.

Setty said the public offer will help the stakeholders to broaden their market participation and in a way maximise the visibility of SBI Mutual Fund prod...