MUMBAI Aug 25 Citigroup and HSBC
are among five banks chosen to manage India's planned sale of a
stake in state oil company Oil and Natural Gas Corp
(ONGC), three sources with direct knowledge of the
development said on Monday.
UBS and Indian investment banks Kotak Investment
Banking and ICICI Securities have also been
mandated by the Indian finance ministry's disinvestment
department, the sources told Reuters, speaking on condition of
The sale is planned to be launched during the three months
to December, the sources said, with one of the sources saying
that investor roadshows could start in mid-September.
The Indian government, which has a 68.94 percent stake in
ONGC, is considering selling a 5 percent stake, worth about $3
billion at the current market price.
If completed, the sale could raise more than a quarter of
the $10.5 billion target for asset sales this financial year
announced by Finance Minister Arun Jaitley to help to bridge
India's budget deficit.
(Reporting by Devidutta Tripathy and Sumeet Chatterjee; Editing
by David Goodman)