Anil Dhirubhai Ambani Group has filed for initial public offer of Reliance Infratel with SEBI on Friday. As per the official statement, the draft red herring prospectus for Reliance Infratel filed today with SEBI is for an issue of 8.9 crore equity shares of Rs 5 each. The stock price is expected to be in price band of Rs. 550 – 650.

Anil Ambani’s issue for Reliance Power received a tremendous response from investors and managed to register record applications. Reliance Power will be listed on Stock Exchanges on 11th February.

The company recently sold 5% stake for Rs. 1400 crore. The current offer will be to offload 10.05 percent stake in Reliance Infratel. After the issue, the promoters will hold 85% equity in the company. Reliance Communications holds the majority stake in Reliance Infratel.

Reliance Infratel issue will raise around Rs 5000 – 6000 crore. The company plans to install over 15,000 towers all over India. The company will spend around Rs 4300 crore on the current expansion plan. Reliance Infratel plans to own over 85,000 towers by year 2012.

The stock price of Reliance Communications was up by nearly 12 percent today. The stock markets closed with decent gains as buying continued in select technology counters and blue-chips.