India, June 12 -- Vodafone Idea has received shareholder approval to raise Rs 4,730 crore through a preferential share allotment to an entity of the Aditya Birla Group, marking a significant step in the telecom operator's efforts to strengthen its finances and expand network infrastructure.

The proposal was approved during an extraordinary general meeting (EGM) held on Thursday, enabling the country's third-largest telecom operator to issue more than 4.3 billion shares to Suryaja Investments, an Aditya Birla Group entity, at an issue price of Rs 11 per share.

Following the transaction, the Aditya Birla Group's holding in Vodafone Idea is expected to rise from roughly 9% to nearly 13%, increasing its stake at a time when the telecom oper...