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Amundi to Net €300M from SBI Funds Management IPO
Amundi expects a €300M net capital gain from the SBI Funds Management IPO, selling shares at INR 574 each. Trading starts July 21.
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Amundi expects to book a net capital gain of roughly €300 million from the initial public offering of SBI Funds Management Ltd., the French asset manager said Thursday.
The final offer price was set at INR 574 per share, at the top of the marketed range. The IPO and a pre-IPO private placement will sell 203.7 million shares, or 10% of SBIFM's total equity. Amundi is selling 75.4 million shares, a 3.7% stake. State Bank of India, the majority owner, is selling 128.3 million shares, or 6.3%.
The gain is net of tax and transaction costs and will be booked in the third quarter. Trading on Indian stock exchanges is expected to start July 21.