ICICI Bank and Housing Development Finance Corp (HDFC) are working on separate capital raising plans to raise a combined Rs 29,000 crore.
ICICI Bank, which intends to raise as much as Rs 15,000 crore, has hired Morgan Stanley, and JP Morgan, apart from ICICI Securities, as book-runners for the transaction, according to a report by The Economic Times.
Mortgage lender HDFC plans to raise as much as Rs 14,000 crore, and appointed Kotak Mahindra Bank as the lead bank, the report said.
Both lenders might officially appoint at least six investment bankers this week, the report added.
Moneycontrol could not independently verify the report.
ICICI Bank on July 8 said its board approved capital raising of as much as Rs 15,000 crore. On June 19, HDFC said its Committee of Directors gave the green signal for a plan to raise as much as 14,000 crore.
ICICI Bank, HDFC and Kotak Mahindra Bank had not yet responded to queries sent by The Economic Times. Morgan Stanley, JP Morgan, and ICICI Securities declined to comment when contacted by the paper.
Citigroup, Morgan Stanley, Jefferies and Bank of America are also assisting HDFC with the capital raising, the report said.
"Kotak has been assigned with the task of documentation primarily as it is the lead banker for HDFC, which will appoint others this week," a source told the publication.
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