Top India Bank Picks Citi, HSBC Among Six for $3 Billion Sale

State Bank of India has selected half a dozen investment bankers including the India units of Citigroup Inc. and HSBC Holdings Plc to manage its $3 billion share sale, according to people familiar with the matter, in one of the largest equity raisings in the country.

The country’s biggest lender has also chosen ICICI Securities, Kotak Capital, Morgan Stanley and SBI Capital for the fundraising, said the people who asked not to be identified because the matter is private. The appointments will be formalized soon as sale process is expected by end of July, they said.