India's Claris Lifesciences Ltd has cut price band and extended the closing date for its 3-billion rupee initial public offering, two sources with direct knowledge of the matter told Reuters. The company has set a new price band of 228-235 rupees and the closing date now stands at Dec. 2, said the sources who declined to be named. The earlier price band was 278-293 rupees and the issue was suppose to close on Friday.

"The price band has cut, but the issue size has not reduced," said one of the sources.

Enam Securities, Edelweiss Capital, JM Financial Consultants and ICICI Securities are the arrangers to the issue, sources added.

Company officials could not be reached for comments.

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