MUMBAI, Nov 16 (Reuters) - Indian drilling contractor Aban Offshore (ABAN.BO: Quote, Profile, Research) has raised $150 million by selling new shares to institutions at 1,224.30 rupees ($26.6) each, two sources with direct knowledge of the deal said.

Citigroup (C.N: Quote, Profile, Research) was the sole arranger of the deal, said the sources, who spoke on condition of anonymity. ($1=46 rupees) (Reporting by Narayanan Somasundaram; Editing by John Mair)