Vodafone Idea shares rise over two percent as the company secures board approval to raise Rs 1,980 crore via preferential issue, marking a positive move amid ongoing financial challenges.

Vodafone Idea will raise up to 19.80 billion rupees ($233.8 million) through the issue of preferential shares, the Indian telecom company said on Monday. Vodafone Idea said it will issue shares to Vodafone Group entities Omega Telecom Holdings and Usha Martin Telematics worth up to 12.

Ailing telecom operator Vodafone Idea on Monday said its board has approved the issuance of up to 175.5 crore shares on a preferential basis to Vodafone Group entities to raise up to Rs 1,980 crore. The debt-ridden telcom company pegged the issue price at Rs 11.