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.