New Delhi, Oct. 13 -- Maharashtra State Electricity Transmission Co. (MahaTransco), the power utility owned by the state's electricity board, has reportedly picked Axis Capital Ltd to lead a planned initial public offering (IPO) expected to raise around Rs.10,000 crore (about $1 billion), according to two people familiar with the matter.

Besides Axis Capital, MahaTransco is also likely to have selected a syndicate of merchant bankers, including SBI Capital Markets, CLSA and Bank of Baroda, to work on the transaction, the people said, asking not to be identified as the details remain private.

The transaction, expected to comprise a mix of fresh issue and offer for sale, marks an effort by the Maharashtra government to monetize state infr...