India has chosen JPMorgan Chase & Co, Citigroup Inc and JM Financial Ltd to help sell half of the government's stake in Axis Bank Ltd valued at $925 million, said three people involved in the process. The sale is part of a search for funds to narrow the government's fiscal deficit to 4.8 percent of gross domestic product in the financial year ending March 2014 from 4.9 percent a year earlier.The government aims to raise around $9 billion by selling shares but has managed just 3 percent of that amount.Half of its 20.7 percent stake in India's third-largest private-sector bank by assets is likely to be auctioned by the end of February, said the people, who declined to be identified as they were not authorised to speak to the media.At the bank's current market price, the stake on offer is worth about 57 billion rupees ($925.47 million), the people said.
Citigroup Inc. (Citigroup) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services and wealth management. Shares of C fell by 0.63% or $-0.33/share to $52.27. In the past year, the shares have traded as low as $40.28 and as high as $55.28. On average, 21858500 shares of C exchange hands on a given day and today's volume is recorded at 33944484.
JPMorgan Chase & Co. (JPMorgan Chase) is a financial holding company. Shares of JPM fell by 1.49% or $-0.88/share to $58.11. In the past year, the shares have traded as low as $45.92 and as high as $59.82. On average, 18059100 shares of JPM exchange hands on a given day and today's volume is recorded at 21064996.
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