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

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

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

Story highlights

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||||

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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