Vodafone Idea completed its latest fundraising, generating INR19.1 billion ($222.2 million) through a preferential allotment of shares to entities belonging to Vodafone Group, as it gears up to launch 5G in the coming months.

In a stock market filing, the operator, India’s third-largest mobile player with 205 million subscribers at end-September, said it allotted 1.7 billion shares to Omega Telecom Holdings and Usha Martin Telematics.

Local media last week reported the operator had start testing 5G in 17 areas.

In September it reached a $3.6 billion deal for the supply of network equipment over a three-year period from Nokia, Ericsson and Samsung.

Last April, the operator outlined plans to invest INR57.2 billion to bring 5G service to 40 per cent of its revenue base in 24 to 30 months. It was allocated 5G spectrum in August 2022, along with rivals Reliance Jio and Bharti Airtel.

The two rival operators claimed near nationwide 5G coverage in October 2023.