Mytrah Energy Ltd has chosen the banks to lead its business trust offering. India's third largest wind farm developer has chosen Morgan Stanley and Standard Chartered Plc when it undertakes its initial public offering in the Singapore Stock Exchange.

Amongst the investors in Mytrah are Henderson Global Investors Ltd would be raising nearly Sing$500 million through the listing of the assets as a business trust, according to anonymous sources familiar with the transaction. The IPO of these assets would be available by the third quarter of 2013.

Mytrah is based out of Hyderabad, India and is already listed on the Alternative Investment Market of the London Stock Exchange. The company is reviewing an offer made by a Singaporean firm to pay the debts and expand. The proceeds of the IPO would be used to repay long term debts and mezzanine debt. Also in the plan is the upgrade of its 310 megawatts of operational wind operations to more than 600 megawatts.