UPDATE 1-Avanti Communications rejects offer for company

* Says co has excellent prospects as an independent group

* Shares up 20 pct since its closing price on Feb. 5 (Adds details)

Feb 10 (Reuters) - British satellite broadband operator Avanti Communications Group Plc (AVN.L) said on Tuesday it received an unsolicited preliminary offer approach for the company, but rejected it.

"The board of Avanti believes that the company has excellent prospects as an independent group," Avanti, which plans to put the first European satellite using Ka-band technology into orbit by the end of 2009, said in a statement.

At 1046 GMT, Avanti shares were up 4.2 percent at 210 pence. The shares have risen 20 percent from Thursday's closing price of 175 pence. (Reporting by Kumar Alagappan in Bangalore; Editing by Tresa Sherin)