MSETCL picks 6 banks for $800M IPO. Maharashtra State Electricity Transmission Co. (MSETCL) has selected SBI Capital, Axis Capital, Motilal Oswal, Avendus, IIFL Capital, and HDFC Bank for a planned IPO that could raise up to $800 million. The offering will largely involve a stake sale by Maharashtra's state-owned holding company, with a smaller fresh share issuance.