Telecom firm Vodafone Idea board on December 9 approved issuance of up to 176 crore shares on preferential basis to raise Rs 1,980 crore.

The shares will be issued at Rs 11.28 apiece.

The telecom firm's board approved preferential issue to to Omega Telecom for Rs 1,280 crore and to Usha Martin Telematics for Rs 700 crore, both Vodafone Group entities.