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Financials

India's SBI set to hire 6 banks for up to $2.3 bln share sale - IFR

MUMBAI, May 26 (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 Indian rupees) (Reporting by S.Anuradha of IFR; Editing by Rafael Nam)

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