SBI to sell 6% out of 63% stake through IPO

State Bank of India (SBI) has announced that the bank is looking forward to listing its Mutual Funds and is selling 6% of its stake through an Initial Public Offering. It currently has 63% stakes in the fund house and the rest is held by the Paris-based AMUNDI Asset Management. The Mutual Fund is a joint venture between SBI and AMUNDI Asset Management. 

It is believed that listing mutual funds is a strategy to monetize its non-core operations. The bank has earned over Rs. 10,340 crore by listing the SBI cards and Rs. 8,400 crore with its IPO.