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SBI Reduces OFS in SBI MF IPO After Rs 1,655 Cr Pre-IPO Sale
SBI sold 2.88 crore SBI MF shares at ₹574 each in a pre-IPO placement, raising ₹1,655 crore. The bank's OFS in the IPO is now 9.95 crore shares. IPO opens July 14.
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State Bank of India slashed the size of its offer for sale in the SBI Mutual Fund IPO by 2.88 crore shares after completing a pre-IPO placement of the same number of shares to 30 investors at ₹574 apiece, the bank said in a regulatory filing.
The pre-IPO transaction, closed July 10, raised ₹1,655 crore. Three investors each put in more than ₹100 crore. Akash Manek Bhanshali and PI Opportunities Fund II each invested about ₹200 crore. 3P India Equity Fund I invested ₹150 crore.
Following the pre-IPO sale, SBI cut its OFS from up to 12.83 crore shares, or 6.3% of SBI MF's equity, to up to 9.95 crore shares, or 4.89% of equity. The bank's filing confirmed the revision. Amundi India Holding, the other promoter selling in the IPO, will keep its planned OFS unchanged at up to 7.14 crore shares, or 3.51% of equity.