October 24, 2017 / 8:48 AM / 2 months ago

New India Assurance sets price range for up to $1.5 bln IPO - sources

MUMBAI, Oct 24 (Reuters) - India’s state-run New India Assurance Co Ltd has set a price band of 770 rupees to 800 rupees a share for its initial public offering (IPO) opening on Nov. 1, sources with direct knowledge of the deal told Reuters on Tuesday.

At the upper end of the price range, the IPO would raise 96 billion rupees ($1.48 billion).

The sale will close on Nov. 3, said the sources, declining to be identified as the details are not public. ($1 = 64.9825 Indian rupees) (Reporting by S. Anuradha of IFR and Devidutta Tripathy; Editing by Rafael Nam)

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