RPT-UPDATE 1-India GVK Power to sell shares for $150 mln-sources

(Repeats story issued late on Thursday)

* To launch sale two days after rival pulled offer

* Sale size scaled down from an original plan-sources (Adds details)

By Nishant Kumar and Narayanan Somasundaram

MUMBAI, July 2 (Reuters) - India's GVK Power & Infrastructure Ltd (GVKP.BO: Quote, Profile, Research) plans to sell shares worth up to $150 million, three sources with direct knowledge of the deal said on Thursday, two days after a rival pulled an offer due to weak demand.

"We expect to launch the deal later in the day," one banker involved in the deal said, confirming information from two fund managers who may invest in the offer.

GVK, part of a consortium rebuilding Mumbai's airport, is also building power plants in three states with combined generation capacity of more than 2,000 megawatts.

IDFC-SSKI, JPMorgan (JPM.N: Quote, Profile, Research), Kotak Mahindra Capital Co, the former Indian partner of Goldman Sachs (GS.N: Quote, Profile, Research) and Macquarie (MQG.AX: Quote, Profile, Research) are among the arrangers for the issue, the sources said.

The offering to institutions has, however, been scaled down from an original plan, they said.