Mumbai, July 21: CS Shetty, Chairman of SBI, the promoter company of SBI Funds Management, stated on Tuesday that there are no plans to reduce SBI’s stake in the company following its listing. The IPO aimed to involve retail investors in the company’s growth.
Shetty addressed reporters after the listing ceremony in the country’s financial capital, saying, “We have no plans to reduce our stake in SBI Funds post-listing.”
He emphasized that this listing is part of SBI’s broader strategy to create long-term value in its subsidiaries while increasing retail investor participation in high-quality businesses.
“Our goal with this IPO was to bring opportunities to retail investors,” he added.
According to Shetty, SBI has invested approximately ₹6,000 crores in SBI Funds Management, and the bank’s ongoing support has been crucial for the company’s growth and successful listing.
He also mentioned that even before becoming a listed company, SBI Funds Management had adopted strong corporate governance standards. The long-standing partnership between SBI and France’s asset management firm Amundi has further strengthened the company’s governance framework.
“Governance has been reinforced by the partnership between SBI and Amundi,” Shetty stated.
Discussing the importance of consistent returns, Shetty noted that the company’s long-term value is not limited to the performance of any single mutual fund scheme. However, maintaining strong fund performance will remain a top priority for the SBI Funds brand.
Regarding future strategies, he said that the asset manager will focus on expanding its presence in B30 cities (cities outside the top 30 based on mutual fund assets) to enhance financial inclusion and broaden the investor base.
Shares of SBI Funds Management were listed on the National Stock Exchange (NSE) at ₹613.30 per share, above the IPO price of ₹574 per share.
The company’s initial public offering (IPO), which opened from July 14 to July 16, was subscribed 41.66 times.
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