New Delhi: State Bank of India chairman Dinesh Kumar Khara said the planned share sale of the bank’s mutual fund subsidiary has been shelved for the time being.
SBI Mutual Fund, the country’s largest asset manager with around Rs 6.5 lakh crore in asset under management, had in February selected seven merchant bankers for a USD 1-billion IPO. But soon the markets turned volatile with the Russian invasion of Ukraine later in that month. (Also read: DCX Systems IPO GMP, listing and other details)
“There is no plan to list SBI Mutual Fund for now,” Khara told reporters on the sidelines of the national banking summit here. Without citing any reason, he said the IPO plan stands shelved for now. (Also read: Tracxn Tech shares climb nearly 6% in debut trade)
On December 15, 2021, SBI had announced its plan to offload a 6 per cent stake in SBI MF through an IPO and was planning to…