JPMorgan, HSBC Said to Be Chosen for Steel Authority
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JPMorgan Chase & Co. and HSBC Holdings Plc are among six banks that may manage a 10 percent share sale in Steel Authority of India Ltd., according to three people with knowledge of the matter.
Deutsche Bank AG, Enam Securities Pvt., Kotak Mahindra Capital Co. and SBI Capital Markets Ltd. may also be hired to manage the sale by the government and the New Delhi-based company, the people said, declining to be named before a public announcement. Steel Authority fell 22 percent this year, valuing a 10 percent stake at almost 78 billion rupees ($1.6 billion).