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MUMBAI, Oct 31 (Reuters) - Indian financial services and broking firm Edelweiss Capital Ltd on Wednesday set a price band of 725-825 rupees per share for its proposed initial public offer.

The company plans to sell 8.38 million shares, or 11.19 percent of its post-issue paid up capital, to raise 6.91 billion rupees at the upper end of the price band.

The issue opens on Nov 15 and closes on Nov 20, the company said in a statement. The book running lead managers to the issue are Kotak Mahindra Capital, Citigroup <C.N> and Lehman Brothers <LEH.N>.

The proceeds would be used FOR expansion of its branch network, enhancing margins that are maintained with the stock exchanges and prepayment of certain debt, Managing Director and Chief Executive Officer Rashesh Shah, said.

It earns about a third of its revenues from brokerage and related services, and about 15 percent from its investment banking business, including private equity advisory, he said.

Edelweiss also manages a private equity fund worth $130 million and a real estate fund worth 1 billion rupees, Shah said.

Foreign institutions such as Lehman Brothers, Government of Singapore Investment Corp (GIC) and private equity firm Sequoia Capital, among others, together hold about 34 percent in Edelweiss, he said. ((Reporting by Kaustav Roy, editing by Harish Nambiar; Reuters Messaging: [email protected], +91-22-6636-9000)) Keywords: EDELWEISS IPO/