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At least eleven investment banks are in the race for the mandate to handle the proposed offer for sale (OFS) by state-owned power producer National Thermal Power Corporation (NTPC).
The banks in the fray include Kotak Mahindra Capital, Enam Securities, ICICI Securities, SBI Capital Markets and IDFC Capital. Foreign banks that have expressed interest in running the sale are Barclays, Deutsche, Goldman Sachs, Macquarie, JP Morgan and Morgan Stanley.
In November, the Cabinet had approved the sale of 9.5 per cent stake in NTPC. The government plans to raise about Rs 13,000 crore from the stake sale. After the sale, its stake in the company would fall to 75 per cent.