Mumbai:
Maharashtra State Electricity Distribution Co
(MSEDCL) has appointed eight
for its proposed
, which could raise ₹8,000-10,000 crore, people familiar with the development told ET. The issue will mark the first-ever IPO by the Maharashtra government -and a purely state-run discom in India.
Eight investment bankers -SBI Capital Markets,
, IDBI Capital Markets \& Securities, ICICI Securities,
,
, DAM Capital and Motilal Oswal Investment Advisors-have been appointed to manage the offering, according to the people familiar with the matter. An email sent to MSEDCL did not elicit any response. Individual bankers did not respond to ET's request for a comment.
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The listing will be of Mahavitaran, the brand under which MSEDCL operates.
provides power to the bulk of the consumers in India's biggest subnational economy, barring the city of Mumbai. The utility, however, carries significant debt on its balance sheet.