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State Bank of India Lowers Stake Sale in SBI Funds Management IPO

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The State Bank of India (NSE:SBIN, BOM:500112) lowered its offer-for-sale component in subsidiary SBI Funds Management's initial public offering to 30 investors for 16.55 billion rupees in a pre-IPO transaction.

Following the filing of a red herring prospectus on July 8, the IPO will now comprise an offer for sale of up to 170.96 million shares, including up to 99.50 million shares to be sold by SBI and 71.45 million shares by Amundi India Holding, India's largest lender said in a July 11 filing.

The IPO is subject to regulatory approvals and market conditions.

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