Norwest Venture-Backed RBL Bank Said to Select Banks for IPO

India’s RBL Bank has hired four banks to manage a planned $250 million share sale in the first initial public offering in nine years by a private sector lender in the South Asian country, said people with knowledge of the matter.

Kotak Mahindra Capital Co., Standard Chartered Plc, Citigroup Inc. and Morgan Stanley will work on the IPO due next year, the people said, asking not to be identified before a public announcement. The Kolhapur, Maharashtra-based lender counts London-based CDC Group Plc, International Finance Corp. and Norwest Venture Partners, which is financed almost entirely by Wells Fargo & Co., among its investors.