The shareholders of Vodafone Idea have approved equity allocation worth Rs 436.21 crore to its promoter entity, the Vodafone Group.

According to the voting results submitted to the stock exchanges on Friday evening, 99.94 per cent of Vodafone Idea (VIL) shareholders approved an allocation of the equity to Vodafone Group firm Euro Pacific Securities.

Vodafone Group at present holds 58.46 per cent stake in the company and Aditya Birla Group has 16.53 per cent.

The company had raised Rs 3,375 crore from Vodafone Group and Rs 1,125 crore from Aditya Birla Group in March.

VIL has been trying to raise funds in the range of Rs 20,000-25,000 crore from external sources since the last two years but has failed to attract any investor.

After a prolonged bout of financial stress, the telecom service providers — particularly Vodafone Idea — got a shot in the arm with the government approving a relief package that included a fouryear break for companies from paying statutory dues.

Sula files for IPO

Sula Vineyards, a leading wine producer, has filed draft papers with Sebi for an initial public offering (IPO).

The float will entirely be an offer for sale aggregating to 25,546,186 equity shares.

Promoter, founder and CEO Rajeev Samant, and investors that include Cofintra, Haystack Investments, Saama Capital III, SWIP Holdings, Verlinvest S.A and Verlinvest France S.A will be offloading their stake through the OFS.

The company distributes wines under Sula, its flagship brand, apart from other brands like RASA, Dindori, The Source, Satori, Madera & Dia.