MUMBAI (Reuters) - Morgan Stanley and Standard Chartered are among six banks picked to manage the sales of shares in two state-run Indian companies, sources directly involved in the deals said on Friday.
The combined sales, worth about $470 million at current market values, are part of government plans for a record $10.5 billion in asset sales in the year to March to help plug a budget deficit.
Morgan Stanley and Indian banks JM Financial and Avendus have been selected to manage the sale of shares in state-run Rural Electrification Corp, the sources said.
Standard Chartered, India's SBI Capital and Axis Capital will manage the share sale for another state-run company Power Finance Corp, the sources said.
(Reporting by Sumeet Chatterjee and Devidutta Tripathy; editing by Jane Baird)
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app