The initial public offer of Reliance Communications Ltd's passive infrastructure company Reliance Infratel Ltd is likely to hit the market before March.
The company filed the required applications with the capital market regulator on Monday.
The SEBI would take 30 days to clear the draft red herring prospectus, and the IPO should be opened to the public within two-three weeks of a regulatory approval. Reliance Communications would dilute 10% stake in Infratel via the IPO.
Earlier this financial year, Reliance Communications placed 5% stake in Infratel with a variety of private equity players, valuing the tower business at Rs 27,000 crore.
