Sun TV raises $134.2 mn in IPO: Source

Sun TV Ltd has raised Rs 6 billion in an initial public offering of 6.9 million shares.

Sun TV Ltd has raised Rs 6 billion ($134.2 million) in an initial public offering of 6.9 million shares, a source close to the development said on Monday.

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"The demand has been huge at more than 45 times the issue size, so there is no reason for pricing it lesser than the top end of the band," the source said.

Sun TV is expected to announce a price of Rs 875 a share later in the day, the source said.

It had set a band of Rs 730-875 a share for bids.