MUMBAI, June 17 India's Ratnakar Bank Ltd
plans to launch an initial public offering of shares
worth up to $250 million in the first quarter of next year,
three sources directly involved in the process said on Tuesday.
Ratnakar Bank will issue new shares and some of the private
equity investors will pare their holding in the share sale, said
the sources, who declined to be named as they were not
authorised to speak to the media ahead of a public announcement.
A Ratnakar Bank spokeswoman did not immediately comment.
The lender will hire at least four banks to manage the
public offering within a week, two of the sources said. At least
10 banks are in the race to win the mandate for the IPO process,
(Reporting by Sumeet Chatterjee and Devidutta Tripathy; Editing
by Anand Basu)