New Delhi, Feb. 26 -- The National Stock Exchange of India Ltd (NSE) has formally requested proposals from investment banks to manage its initial public offering, according to two people familiar with the matter.

The exchange plans to select advisers before April, one of the above mentioned people said, asking not to be identified as the information is private.

The company might see a 4-4.5% stake sale, which might take up to eight months, chief executive officer Ashishkumar Chauhan had told reporters earlier this month.

Both people quoted above said that the process is still in early stages and the timelines and details can change going ahead.

This marks the latest development in the country's largest stock exchange's efforts to list...