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Report: State Bank of India picks banks for 100B rupees share sale

State Bank of India has engaged underwriters for its proposed 100 billion rupees share sale, Bloomberg News reported Jan. 10, citing people with knowledge of the matter.

The state-run lender is seeking to raise 100 billion rupees by selling shares in a qualified institutional placement. It has selected Bank of America Corp., CLSA Ltd. and HSBC Holdings Plc as lead arrangers for the share sale, according to the sources. Kotak Mahindra Bank Ltd. and SBI Capital Markets Ltd. will also be working on the sale.

A representative for State Bank of India did not respond to a Bloomberg's request for comment.

As of Jan. 10, US$1 was equivalent to 70.46 Indian rupees.