Tulip Telecom Said to Pick JPMorgan, IDFC for $100 Million Sale

Tulip Telecom Ltd. (TTSL), an Indian data and technology services provider, picked IDFC Capital Ltd., JPMorgan Chase & Co. (JPM) and two other banks to manage a share sale to institutions that may raise about $100 million, said two people with knowledge of the matter.

The company, whose clients include AT&T Inc. (T) and HDFC Bank Ltd., also hired Nomura Holdings Inc. (8604) and Standard Chartered Plc (STAN), said the people, who asked not to be identified because the information is confidential. The share sale may take place next month, they said.

Tulip shares have fallen 15 percent this year, compared with a 22 percent decline in the BSE-TECK Index that tracks companies in the technology, media and telecommunications industries. The largest so-called qualified institutional placement in India this year was by Canara Bank, which raised 19.93 billion rupees ($418 million) in March.

Gaurava Yadav, a spokesman for the New Delhi-based company, didn’t immediately respond to an e-mail seeking comment.

Shares of Tulip were unchanged at 148.7 rupees at the 3:30 p.m. close today in Mumbai.

To contact the reporter on this story: Ruth David in Mumbai at rdavid9@bloomberg.net

To contact the editor responsible for this story: Philip Lagerkranser at lagerkranser@bloomberg.net

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