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ICICI, SBI Capital May Manage 10% Stake Sale by Engineers India

ICICI Securities Ltd. and SBI Capital Markets Ltd. are among four investment banks that may manage the sale of a 10 percent stake in state-owned Engineers India Ltd., three bankers with direct knowledge of the sale said.

HSBC Holdings Plc and IDFC Capital Ltd. are also likely to be selected from among 11 firms competing to arrange the offer, the bankers said, declining to be named before an official announcement. Engineers India fell 3.7 percent today, valuing a 10 percent stake at 13.3 billion rupees ($295 million).

Banks are competing to work for Prime Minister Manmohan Singh’s administration as it seeks to raise a record 400 billion rupees from share sales this fiscal year. As many as 20 banks competed last week to arrange Coal India Ltd.’s offer, expected to be the nation’s largest IPO.

Still, government sales typically pay lower fees than private companies. One bank offered to charge a fee of less than 0.01 percent of the amount raised, one of the bankers said. The remaining three advisers will have to match this fee to win the mandate, the banker said.

Rajesh Joshi, a spokesman for HSBC in Mumbai, declined to comment. Spokespeople at the other banks didn’t immediately respond to e-mails. Sidhartha Pradhan, joint secretary at the Department of Disinvestment in New Delhi, didn’t immediately respond to calls and an e-mail.

The government owns 90.4 percent of New Delhi-based Engineers India, which provides design and engineering services for petroleum, power and fertilizer companies.

UBS AG and Kotak Mahindra Capital Co. were among the banks that submitted bids by a May 10 deadline for arranging the Engineers India sale, according to a document posted on the Department of Disinvestment’s website on May 11.

Enam Securities Pvt., Avendus Capital Pvt., IDBI Capital Market Services Ltd., Edelweiss Capital Ltd. and Centrum Broking Pvt. also competed, according to the statement.

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