State Bank of India (SBI) is selling a minority stake in its asset management arm, SBI Funds Management, in a pre-offering placement ahead of the firm’s IPO. Both reports say SBI will sell about 2.9 crore shares at ₹574 per share. This price is described as the top end of SBI Funds Management’s IPO price band. The stake being sold is reported at roughly 1.4% (around 1.42% in one account), implying SBI is reducing its holdings before the public share sale. The transactions are presented as a way to set an early market benchmark for the asset manager’s valuation and to gauge institutional interest prior to the IPO. After the pre-IPO placement, SBI will still retain ownership in the asset management company, but the amount of its stake will be lower than before the deal. The pre-offering share sale is reported to be worth about ₹1,655 crore in total value based on the number of shares and offer price.