May 26, 2017 / 4:25 AM / 4 months ago

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

The new logo of State Bank of India (SBI) is pictured at the podium of the venue of a news conference after the announcement of SBI's fourth quarter results, in Kolkata, India May 19, 2017. REUTERS/Rupak De Chowdhuri

MUMBAI (Reuters) - 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)

Reporting by S.Anuradha of IFR; Editing by Rafael Nam

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