Lenders including HDFC Bank, ICICI Bank and Axis Bank, and Rakesh Jhunjhunwala’s private equity firm Rare Enterprises are among a dozen bidders for the securities business of Infrastructure Leasing & Financial Services (IL&FS). IL&FS Securities Services Ltd (ISSL) is the first IL&FS subsidiary to be put on the block, as the financially struggling infrastructure lender’s new management seeks to sell assets as part of plans to raise funds for paring its Rs 91,000-crore debt. It expects the sale of ISSL to bring in about Rs 400 crore, said a person with knowledge of the development. A deal for the securities business was previously struck with IndusInd Bank and Securities & Exchange Board of India had approved the proposal. However, the new management wanted to follow a transparent bidding process and put the business up for rebidding. A shortlist will happen soon. The valuation of the company should be around IndusInd Bank’s offer of Rs 400 crore, said the person, speaking on the condition of anonymity.