The Securities and Exchange Board of India has cleared Reliance Infratel’s draft red herring prospectus for its proposed initial public offering (IPO).

The Securities and Exchange Board of India has cleared Reliance Infratel’s draft red herring prospectus for its proposed initial public offering (IPO). Reliance Infratel intends to offer 10 per cent equity through the IPO route. At present, Reliance Communications (RCOM) owns 95 per cent of Reliance Infratel and the balance 5 per cent is held by seven financial investors. Reliance Infratel has 50,000 towers and optic backhaul infrastructure across 25,000 towns and 600,000 villages. According to industry estimates, Reliance Infratel’s 10 per cent stake could be valued at between Rs 25 billion and Rs 50 billion.