UPDATE 1-Denim maker True Religion says exploring sale

* Receives interest from third parties for potential deals

* Forms committee to oversee strategic review

* Shares up 21 percent in premarket trade

Oct 10 (Reuters) - Denim maker True Religion Apparel Inc

said it was evaluating strategic alternatives which could include a possible sale of the company, after receiving indications of interest from third parties.

Shares of the company rose 21 percent to $25.40 in premarket trade on Wednesday.

True Religion said it formed a special committee comprised of its non-management directors and engaged Guggenheim Securities LLC as financial adviser and Greenberg Traurig LLP as legal counsel to assist in the review process.

No decision has been made to engage in any transaction, the company said in a statement.

The Wall Street Journal reported that the company had fielded buyout proposals from private equity firms and apparel industry companies. ()

True Religion's jeans, priced between $170 and $360, sell at

upscale department stores and specialty boutiques.

Lower demand for its women's range, including jeans and shirts with serape patterns, prints and colored stitching, forced the company to cut its full-year profit outlook in July.

The company's shares closed at $21.01 on Tuesday on the Nasdaq.

(Reporting by Neha Alawadhi and Siddharth Cavale in Bangalore; Editing by David Cowell and Sreejiraj Eluvangal)

((neha.alawadhi@thomsonreuters.com)(within U.S. +1 646 223 8780, outside U.S. +91 80 4135 6385)(neha.alawadhi.thomsonreuters.com@reuters.net))