MUMBAI, April 5 (Reuters) - India's Shriram City Union
Finance has hired four bankers including Bank of
America Merrill Lynch for a share sale to raise up to 10
billion rupees ($182 million), three sources with direct
knowledge of the matter said.
The non-banking finance company, which provides personal
loans and automobile financing, has also picked local investment
banks JM Financial Ltd and Kotak Mahindra Capital
for the deal, sources said.
All the sources declined to be named as they were not
authorised to speak to the media. Shriram City, headquartered in
the southern Indian city of Chennai, did not respond to a
request for comment.
Shriram City plans to launch the share sale to institutional
investors in the quarter beginning June, subject to market
conditions, and the proceeds will be used to boost the balance
sheet of the lender, two of the sources told Reuters.
The company had, in January, taken an approval for its board
for raising funds through issue of shares.
($1=54.8 Indian rupees)
(Reporting by Indulal P.M. and Sumeet Chatterjee; Editing by