State Bank of India said that the executive committee of central board of the bank has accorded approval for exploring possibilities to offload the bank's 6% stake SBI Funds Management through IPO route.
"We advise that the executive committee of central board of the bank has accorded approval for exploring possibilities to offload 6% stake of the bank in SBI Funds Management Private Limited through IPO route, subject to receipt of all regulatory approvals," the bank said in a regulatory filing.
The announcement was made before market hours today.
State Bank of India (SBI) is an Indian multinational, public sector banking and financial services statutory body. As of 30 September 2021, the Government of India held 57.62% stake in the bank.
The public sector bank posted a 66.7% rise in standalone net profit to Rs 7,626.57 crore on a 3.1% increase in total income to Rs 77,689 crore in Q2 FY22 over Q2 FY21.
The scrip rose 0.08% to currently trade at Rs 488.95 on the BSE.
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