(Reuters) - Five Indian investment banks including ICICI Securities and SBI Capital have been hired to manage a 10 percent stake divestment in state-owned Coal India, IFR reported on Thursday, citing two sources close to the deal.
The stake sale, valued at about $3.2 billion at the current stock price, is part of New Delhi's aim to raise 695 billion rupees ($10.52 billion) by March by selling minority stakes in government-owned companies.
Other banks who have been hired to manage the offering are Axis Capital, JM Financial and Kotak Investment Banking, IFR, a Thomson Reuters publication, said. Eight banks including HSBC had submitted bids for the deal.
The deadline for submitting bids was extended thrice as global investment banks came under pressure from environmental groups to steer clear of the process, sources told Reuters last month.
(Reporting by S. Anuradha in SINGAPORE; Writing by Sumeet Chatterjee; Editing by Subhranshu Sahu)