Vodafone Idea raises $222 million via preferential allotment of shares

India’s Vodafone Idea Ltd. has raised Rs 1,910 crore ($222 million) via a preferential allotment of shares to entities belonging to Vodafone Group Plc as the unprofitable wireless operator seeks to turnaround its business amid battles with larger rivals.

The company alloted 1.69 billion shares at Rs 11.28 a piece to Omega Telecom Holdings Pvt. and Usha Martin Telematics Ltd., Vodafone Idea said in a stock exchange filing Thursday.