SBI set to hire six banks for up to $2.3 billion share sale: IFR

State-owned banks offer most of the credit in the Indian economy. Photograph:( Reuters )

Reuters Mumbai, Maharashtra, India May 26, 2017, 05.28 AM (IST)

State Bank of India is set to hire Bank of America Merrill Lynch, Deutsche Bank, IIFL, JM Financial, Kotak and SBI Capital to manage a share sale of up to 150 billion rupees ($2.3 billion), IFR reported on Friday, citing two sources with knowledge of the plan.

A total 17 banks had bid to underwrite the so-called qualified institutional placement, for which SBI will pay a nominal fee of one rupee, IFR, a Thomson Reuters publication, reported.

($1 = 64.5550 rupees)

(Reuters)

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SBI is hiring Bank of America Merrill Lynch, Deutsche Bank, IIFL, JM Financial, Kotak and SBI Capita||They will manage a share sale of up to 150 billion rupees||||