UPDATE 3-National Express to raise 360 mln stg in cash call

* 7-for-3 rights issue to raise 360 mln stg

* Prices issue at 105 pence/share - 69 pct discount

* Major shareholder Cosmen family fails to back issue

* Shares down 1.6 pct

(Adds company, Cosmen, analyst comment, shares, details)

By Rhys Jones

LONDON, Nov 11 (Reuters) - National Express's (NEX.L) 360 million pound ($602.7 million) cash call will allow the British bus and train operator to repay debt and avoid breaching loan terms, but failed to resolve a row with its largest shareholder.

National Express and Spain's Cosmen family, which owns 19 percent, have been at loggerheads over strategy for months.

The Cosmens, which dropped their own proposal to buy National Express in September, now want to sell the company to rival Stagecoach (SGC.L) and have been lobbying other National Express shareholders to push the board to restart talks.