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HSBC and others picked for India's $436 million NHPC share sale -sources

Reuters

MUMBAI (Reuters) - HSBC Holdings Plc and two Indian investment banks will manage the government's planned stake sale in hydropower producer NHPC Ltd (NHPC.NS), two sources with direct knowledge of the deal said on Wednesday.

IDFC Capital Ltd (IDFC.NS) and Edelweiss Financial Services Ltd (EDEL.NS) are the other two advisors for the sale of an 11.36 percent government stake in NHPC. The stake is worth about $436 million at current market price.

The federal government currently owns almost 86 percent of NHPC.

To help plug its deficit, new government is looking to raise a record $10.5 billion from asset sales during the current fiscal year to March 2015. The finance ministry on Monday mandated five banks to manage a $3 billion share sale in top energy explorer Oil and Natural Gas Corp (ONGC.NS).

(Reporting by Devidutta Tripathy and Sumeet Chatterjee, editing by Louise Heavens)