Vodafone Idea Ltd. said its board will meet on 13 June to consider proposals for issuance of equity shares or convertible securities.

The company plans to issue the securities on a preferential basis to vendors, the Indian telecom operator said in a stock exchange announcement.

The issuance will be subject to necessary approvals, including from shareholders.

In February, the cash-starved company’s board approved raising as much as 20,000 crores rupees ($2.40 billion) via a combination of equity and equity-linked instruments.

Vodafone Idea -- an Aditya Birla Group and UK-based Vodafone Group partnership -- competes with Reliance Jio Infocomm Ltd. and Bharti Airtel Ltd.

Note: $1 = 83.5213 Indian rupees

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