Banks working on the $615m (€452m) initial public offering of Power Grid, an Indian energy company, have drastically reduced their bookrunning fees in order to seal their position on the deal and gain ground in the Indian equity capital markets league tables, according to banking sources.

Citi, Kotak Mahindra and Enam Financial are working on the share sale from Power Grid. The deal could raise up to $715m including an over allotment option, according to a source, making it India's biggest initial public offering after property company DLF's listing earlier this year.