LG Electronics seeks valuation of $8.7 billion for India unit in IPO, Bloomberg News reports

(Reuters) -LG Electronics is seeking a valuation of up to 774 billion rupees ($8.71 billion) for its India unit which is launching its initial public offering next week, Bloomberg News reported on Tuesday, citing people familiar with the matter.

The South Korean company is selling up to 101.8 million shares, or a 15% stake, in the India unit for 1,080 rupees to 1,140 rupees per share, the report said.

Reuters could not immediately verify the report.

($1 = 88.8310 Indian rupees)

(Reporting by Chris Thomas in Mexico City; Editing by Shailesh Kuber)