MUMBAI: 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.
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