* Will bring Bertelsmann gross proceeds of 1.415 bln eur
* Earlier offer range was 54-62 euros/share
* Shares set to start trading on April 30
FRANKFURT, April 29 (Reuters) - German media conglomerate Bertelsmann has set the placement price for part of its stake in RTL Group at 55.50 euros, bringing it gross proceeds of up to 1.42 billion euros ($1.86 billion), RTL said on Monday.
Privately-owned Bertelsmann is looking for cash to fund growth as well as an overhaul of its business to catch up with rapidly-changing markets.
RTL Group said earlier this month that the parent company would offer RTL shares in a planned secondary placement in a price range between 54 and 62 euros apiece.
RTL is Europe's largest broadcaster, with 53 television channels and 28 radio stations in ten countries.
Bertelsmann is offering 23.2 million RTL shares, plus the optional sale of about 2.3 million depending on demand. Should the over-allotment be fully exercised, Bertelsmann will be left with a 75-percent stake in the broadcaster, down from 92.3 percent now.
The offer period has run from April 18-29, with April 30 slated as the first day of trading for the shares in Frankfurt.
Deutsche Bank and Morgan Stanley are managing the public offering. BofA Merrill Lynch, Goldman Sachs, Citigroup and Credit Suisse are joint bookrunners.
BNP Paribas, Petercam and Societe Generale are co-lead managers, and Lazard is financial adviser on the deal.
Bertelsmann and RTL said they had agreed to a six-month lockup period following the closing on May 3.