Morgan Stanley, Standard Chartered picked to manage India share sales - sources
Reuters
Published Sep 26, 2014 15:15
Morgan Stanley, Standard Chartered picked to manage India share sales - sources
MUMBAI (Reuters) - Morgan Stanley (N:MS) and Standard Chartered (L:STAN) 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 (287.95 million pounds) 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 (NS:JMSH) and Avendus have been selected to manage the sale of shares in state-run Rural Electrification Corp (NS:RURL), 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 (NS:PWFC), the sources said.
(Reporting by Sumeet Chatterjee and Devidutta Tripathy; editing by Jane Baird)
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Written By: Reuters
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