India's Idea Cellular share sale of up to $506 mln subscribed nearly 3 times - sources

MUMBAI, June 6 Fri Jun 6, 2014 4:14am EDT

MUMBAI, June 6 (Reuters) - Indian telecommunications company Idea Cellular Ltd's up to $506 million share sale to institutional investors, launched on Thursday, received a demand of nearly three times the number of shares on offer, people directly involved with the deal said on Friday.

The issue would be priced at 134 rupees per share, the sources said, declining to be named as the information is not public. Idea had set an indicative price band of 131-136.35 rupees for the sale, according to a termsheet seen by Reuters.

An Idea Cellular spokeswoman declined comment. By 0801 GMT, Idea shares were trading 1.9 percent higher at 139 rupees. ($1 = 59.3100 Indian Rupees) (Reporting by Sumeet Chatterjee; Editing by Prateek Chatterjee)

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