Morgan Stanley, StanChart picked to manage divestment plan

Morgan Stanley and Standard Chartered are among six banks picked to manage the sales of shares in two state-run companies, sources directly involved in the deals said on Friday.

The combined sales, worth about $470 million at current market values, are part of government plans for a record $10.5 billion in asset sales in the year to March to help plug a budget deficit.

Morgan Stanley and Indian banks JM Financial and Avendus have been selected to manage the sale of shares in state-run Rural Electrification Corp, the sources said.

Standard Chartered,SBI Capital and Axis Capital will manage the share sale for another state-run company Power Finance Corp, the sources said.

(Reuters)