MUMBAI (Bloomberg) — ICICI Securities Ltd., IDFC Capital Ltd. and SBI Capital Markets Ltd. may manage a 20 percent stake sale in Shipping Corp. of India Ltd., the nation's top marine transport company, said two people with knowledge of the matter.

Banks will be paid a fee of 0.25 percent of the amount raised, the people said, declining to be identified before an official announcement. The three securities firms were among eight banks that competed for an assignment on the offering, said a Shipping Corp. official who declined to be identified.

India's government, which owns 80 percent of the company, is selling a 10 percent stake, while Shipping Corp. will sell new shares equivalent to another 10 percent, according to an August 12 notice on the Department of Disinvestment's website. Shipping Corp. has gained 10 percent this year in Mumbai trading, giving it a market value of 69.1 billion rupees ($1.5 billion).

Shortlisted banks must match the lowest fee bid to manage the deal, according to Department of Disinvestment guidelines.

Spokespeople at the banks declined to comment. S. Hajara, chairman of Shipping Corp., said a final decision hadn't been made.