Besides, UBS Securities, Kotak Mahindra Capital and HSBC Securities have also been shortlisted for the job, according to sources.
As many as 14 merchant bankers made presentations before the disinvestment department for managing the ONGC stake sale.
Shares of ONGC today closed at Rs 428.75, up 0.45 percent over previous close on the BSE.
At the current market price, a 5 percent stake sale or over 42 crore would fetch about Rs 18,000 crore to the exchequer.
The merchant bankers would advise the government on the timing and the modalities of the Offer For Sale (OFS) and ensure best return to the government.
The government currently holds 68.94 percent stake in ONGC.
The Cabinet nod for ONGC stake sale is expected shortly as the Petroleum Ministry has given in-principle approval for the stake sale.
The government had last sold 5 percent stake in ONGC in 2012 for Rs 14,000 crore.
In the current fiscal the government plans to mop up Rs 43,425 crore from selling stake in

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