State Bank of India has no immediate plans to reduce its ownership stake in SBI Funds Management following the asset manager's recent initial public offering.
CS Setty, chairman of the lender, made the clarification on Tuesday during the listing ceremony for the subsidiary, which raised ₹9,812 crore in the public issue.
The statement provides clarity on the bank's strategy for its asset management arm after a period of significant capital raising.
Setty indicated that any future divestment would strictly adhere to Securities and Exchange Board of India (SEBI) norms, effectively ruling out an accelerated privatization timeline for the unit in the near term.
This development follows a pre-IPO placement round earlier in the year, where SBI sold a 1.42% stake to 30 marquee investors, raising ₹1,655 crore.
That transaction was a critical step in preparing the subsidiary for its public debut, allowing the bank to bring in strategic partners while retaining control.