SBI Picks Five Banks to Manage ₹25,000 Crore QIP

State Bank of India (SBI) has picked Kotak Mahindra Capital Co., Citigroup Capital Markets, HSBC, Morgan Stanley and ICICI Securities to manage its ₹25,000 crore qualified institutional placement (QIP), two people aware of the development said.

- Sneha Shah & Ranjani Raghavan

"More than a dozen banks made presentations and five of them have been picked to work alongside SBI Capital Markets, the investment banking arm of the SBI group," one of the persons cited above said on the condition of anonymity.

These banks have pitched to manage the fundraise for a fee of ₹1, the people said.

The phenomenon was common in the 2000s, when investment banks took a hit on fees to get league table mentions on large fundraises and initial public offerings.

Emailed queries to SBI, HSBC, Kotak, ICICI Securities, Morgan Stanley and Citigroup remained unanswered.