Mumbai, July 21 (SocialNews.XYZ) State Bank of India (SBI) has no plans to dilute its stake in SBI Funds Management following the asset management company's stock market debut, Chairman C.S. Setty said on Tuesday, adding that the public listing was aimed at giving retail investors an opportunity to participate in the company's growth.
Setty told reporters that we are not looking for any dilution in SBI Funds after the listing ceremony here.
Setty said the listing forms part of SBI's broader strategy of creating long-term value across its subsidiaries while widening retail participation in high-quality businesses.
"We wanted to bring opportunity for retailers through this IPO," he said.
According to Setty, SBI has invested around Rs 6,000 crore in SBI Funds Management, and the bank's continued support has been instrumental in the company's growth and successful listing.
He also said SBI Funds Management had adopted robust governance standards even before becoming a listed entity, with its governance framework strengthened through the long-standing partnership between SBI and French asset management firm Amundi.
"Governance has been driven by the SBI and Amundi partnership," Setty said.
Emphasising the importance of consistent returns, Setty said the company's long-term value extends beyond the performance of individual schemes, although maintaining strong fund performance remains central to the SBI Funds brand.
Looking ahead, Setty said the asset manager will focus on expanding its presence in B30 cities -- locations beyond the top 30 cities by mutual fund assets -- to deepen financial inclusion and broaden its investor base.
The shares listed at Rs 613.30 apiece on the National Stock Exchange (NSE), over the IPO price of Rs 574 per share.
The company's Rs 9,812.91 crore initial public offering (IPO) -- which was opened for subscription from July 14 to July 16 -- subscribed 41.66 times.
Source: IANS
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