By Bijou George of Dow Jones Newswires

MUMBAI –Indian Bank has hired the four banks it had short-listed to manage its public share sale of at least 10 billion rupees, three people familiar with the matter said Thursday, as the lender advanced plans to bolster its capital base.

The state-run lender had short-listed Kotak Mahindra Capital Co., Enam Securities Pvt. Ltd., SBI Capital Markets Ltd. and ICICI Securities Ltd., the same people said.

The timing of the launch of the planned deal will depend on market conditions, they said, speaking on condition of anonymity.

The funds raised will help boost the bank’s capital base as it seeks to scale up its lending to meet rising demand for credit in India’s fast growing economy.

Indian Bank’s shares were trading 0.4% down at 215.55 rupees on the Bombay Stock Exchange at 0655 GMT, while the 0.8% gain in the benchmark Sensitive Index.