GIC-backed Bandhan is said to select banks for $780 million IPO :
Bandhan Bank Ltd., the first Indian microfinance lender to get a banking permit, has picked arrangers for an initial public offering that could raise at least 50 billion rupees ($780 million), people with knowledge of the matter said.

The lender, which is backed by Singapore sovereign fund GIC Pte, chose Goldman Sachs Group Inc. and JPMorgan Chase & Co. to advise on the share sale, according to the people. Axis Bank Ltd.BSE 0.19 %, JM Financial LtdBSE 0.13 %. and Kotak Mahindra Bank LtdBSE -0.16 %. are also working on the offering, the people said, asking not to be identified because the information is private.

Bandhan Bank had a net interest margin of 10.75 per cent in the quarter ended June 30, the highest among banks in the South Asian nation, while its bad-loan ratio was 0.82 per cent, according to company filings. It was started as a microfinance company in 2001 and converted to a bank in 2015 as India approved new licenses in an effort ..

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