Bengaluru, June 26 -- State Bank of India (SBI) is gearing up for a colossal share sale. The nation's largest lender picked six top investment banks. They will manage its planned $3 billion equity offering. This fundraising ranks among India's biggest ever.

Sources familiar confirmed the appointments late Wednesday. Chosen banks include Citigroup and HSBC's India units. Furthermore, ICICI Securities, Kotak Capital, and Morgan Stanley join the team. Finally, SBI's own investment arm, SBI Capital, completes the roster. The formal mandates are imminent. The share sale process should start by late July.

Symbolic Fee The selected banks proposed managing this huge deal for just Rs. 1. Sources revealed this unique fee structure. Essentially, t...