Reliance Communications' telecom tower subsidiary Reliance Infratel, has proposed an Initial public offering (IPO) of 15.60 crore equity shares of Rs 10 each for cash at a premium to be decided through a 100% book building process.

The net issue would constitute 10 per cent of the post-issue paid-up equity capital of the company. Post issue, Reliance Communications will continue to own 85% stake in the company

The issue proceeds are proposed to be utilized, inter aria, for repayment of loans, general corporate purposes including meeting capital expenditure, working capital requirements, strategic initiatives, partnerships, joint ventures and acquisitions.

The Equity Shares of Reliance Infratel are proposed to be listed on the BSE and NSE.

JM Financial, JPMorgan, Deutsche Bank, Enam Securities, HSBC, ICICI Securities, Macquarie, UBS are the arrangers to the offer.