State Bank of India (SBI) has raised Rs 1,655 crore by selling a 1.42% stake in SBI Funds Management Ltd (SBIFM) to 30 investors through a pre-IPO placement.

The stake was sold at Rs 574 per share, which is also the upper end of the price band for SBIFM's upcoming initial public offering (IPO).

The Rs 11,600 crore IPO of SBI Funds Management is scheduled to open on July 14 and close on July 16. The issue is entirely an Offer for Sale (OFS) by existing shareholders, State Bank of India and Amundi India Holding.