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Long time passed since the question I have posted here. I solved it back then by adding the configuration in rules section below

rules:
    - if: $CI_COMMIT_REF_NAME =~ /^release\/\d+\.\d+\.\d+$/ && $CI_COMMIT_BEFORE_SHA == "0000000000000000000000000000000000000000"
      when: always
    - if: $CI_COMMIT_REF_NAME =~ /^release\/\d+\.\d+\.\d+$/
      when: always

Now the CI will be triggered when new branch is pushed.
This two ifs can be combined.

rules:
    - if: $CI_COMMIT_REF_NAME =~ /^release\/\d+\.\d+\.\d+$/ && $CI_COMMIT_BEFORE_SHA == "0000000000000000000000000000000000000000" || $CI_COMMIT_REF_NAME =~ /^release\/\d+\.\d+\.\d+$/
      when: always

This should resolve the problem.

BTW I could find a video in youtube describing my exact issue.
Here is the link --> https://www.youtube.com/watch?v=77Q0xykWzOI&ab_channel=vlogize

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