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SBI Funds Management Aims to Raise Up To INR116.9 Billion Through IPO

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SBI Funds Management is aiming to raise up to 116.9 billion Indian rupees through its initial public offering.

SBI Funds is a joint venture between the State Bank of India (NSE:SBIN, BOM:500112) and French asset manager ⁠Amundi.

The company has set a price band of 545 rupees to 574 rupees per equity share for the IPO that is set to open on July 14 and close on July 16. The offer will be open to anchor investors on July 13, according to a statement by Amundi on Wednesday.

Around 10% of the outstanding equity shares of SBI Funds will be divested through an offer for sale, including up to 6.3% by SBI, representing up to 128.3 million equity shares and up to 3.7% or up to 75.4 million equity shares by Amundi.

SBI Funds Management is tentatively scheduled to commence trading on July 21.

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