Vodafone Idea’s board has approved a preferential issue of warrants worth up to Rs 4,730 crore to promoter group entity Suryaja Investments, Singapore, an Aditya Birla Group entity, in a fresh capital raise aimed at strengthening the telecom operator’s balance sheet and funding requirements. The company said it will issue up to 430 crore (4.3 billion) warrants, each convertible into one equity share, at an issue price of Rs 11 per warrant. The relevant date for determining the minimum issue price was fixed as May 12. Vodafone Idea has also called an extraordinary general meeting on June 11 to seek shareholder approval for the proposed preferential issue.