Bharat Heavy Electricals (BHEL), the state-run power equipment major has shortlisted four bankers for its proposed share sale valued at about $1 billion. The company has shortlisted Bank of America Merrill Lynch, Morgan Stanley and two Indian banks to manage its share sale.
The two Indian banks shortlisted are Kotak Mahindra and ICICI Securities, a unit of ICICI Bank, for book-running the share sale. The Indian government plans to sell 5 percent of its stake in BHEL through the follow-on public share offering, the timing of which is yet to be decided.
Recently, BHEL had commissioned India's first 525 Mw thermal set for the Maithon Right Bank thermal power project in Jharkhand. The 2x525 Mw greenfield power project was being implemented by Maithon Power (MPL), a joint venture between Tata Power and Damodar Valley Corporation.