Idea share sale subscribed nearly three times

The issue would be priced at Rs 134 per share, according to sources

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 Rs 134 per share, the sources said, declining to be named as the information is not public.

Idea had set an indicative price band of Rs 131-Rs 136.35 for the sale, according to a term sheet seen by Reuters.

An Idea Cellular spokeswoman declined comment. By 0801 GMT, Idea shares were trading 1.9% higher at Rs 139.