SBI set to hire six banks for up to $2.3 billion share sale: IFR
Reuters
Mumbai, Maharashtra, IndiaUpdated: 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)