MUMBAI Jan 25 India's Cholamandalam Investment
and Finance Co Ltd has picked four banks including
Citigroup for a share sale to institutional investors to
raise up to $56 million, two sources with direct knowledge of
the matter said.
The Chennai-based non-bank finance company plans to launch
the share sale within a few weeks, depending on market
conditions, said the sources, who declined to be named as they
were not authorised to speak to the media.
JM Financial Services, Kotak Mahindra Capital, a
division of Kotak Mahindra Bank, and Axis Capital, a
unit of Axis Bank are the brokers handling the
transaction, the sources said.
Officials at Cholamandalam, JM Financial, Kotak, Axis and
Citi were not immediately available for comment.
In December, Cholamandalam said its board had approved
raising up to 3 billion rupees ($55.87 million) in capital
through private placements..