Aksh Optifibre, an Indian provider of optical fibre solutions, has finally secured the nod from its board for raising funds up to $20 million through preferential basis.

The company stated in a communiqué that, board has approved the proposal to raise funds up to $20 million through preferential issue. The funds would be used for the company's services division comprising of IPTV and VoIP businesses.

Ahead of positive announcement, the scrip of the company today settled the day at Rs 25 on BSE, up 3% compared to its previous close. The stock had hit a 52-week high of Rs 31.05 on 29 September 2008 and a 52-week low of Rs 8.05 on 5 March 2009.