SBI Mutual Fund's IPO plan shelved for now, says chairman Dinesh Khara

Khara said the planned share sale of the bank's mutual fund subsidiary has been shelved for the time being

State Bank of India chairman Dinesh Kumar Khara on Wedn­esday said the planned share sale of the bank's mutual fund subsidiary has been shelved for the time being.

SBI Mutual Fund, the country's largest asset manager with around Rs 6.5 trillion in asset under management, had in February selected seven merc­hant bankers for a $1-billion IPO. But soon the markets turned volatile with the Russian invasion of Ukraine later in that month.