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FINWIRES

State Bank of India to Sell 1.42% SBI Funds Management Stake Ahead of IPO

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State Bank of India (NSE:SBIN, BOM:500112) agreed to sell a 1.42% stake in its subsidiary, SBI Funds Management, to 30 investors for 16.6 billion rupees in a pre-initial public offering transaction, according to a Thursday filing.

The bank entered into share purchase agreements to sell an aggregate 28.8 million shares at 574 rupees apiece, subject to the fulfillment of conditions precedent.

SBI Funds Management filed its red herring prospectus for its planned initial public offering on Wednesday.

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