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Bursa Malaysia stock exchange had classified both AirAsia X and Capital A as financially distressed companies.
The price range implies an equity value for the group of between $2.04 billion and $2.22 billion.
The decision was made as global financial markets remain volatile, a third source added.
Shares surged past the initial public offer (IPO) price of Rs 500 to debut at Rs 1,200.
The share repurchase will start from Dec 1.
Alipay will offload its 3.44% stake through block deals on Indian exchanges.
The $31.8m pre-IPO deal was led by BA Capital.
A major shareholder is one with at least 5% stake.
Goldman Sachs, JPMorgan Chase and Morgan Stanley have been hired as lead underwriters on the offering.