Royal Mail shares likely to be priced at 500 pence each - source

(Reuters) - Shares of Royal Mail are likely to be priced at 500 pence each, after a source close to the share sale said that orders below that level were likely to miss out. A message has been issued to the investors saying that orders below the price could risk missing out, a source close to the share sale said. The British government announced on Wednesday that it would sell half of its remaining stake in Royal Mail, leaving it with about 15 percent of the postal service that was wholly state owned until 2013. (Reporting by Freya Berry in London and Rishika Sadam in Bangalore; Editing by Alan Crosby)