Shareholders of InterGlobe Aviation, the parent company of IndiGo, have voted to scrap a clause in the articles of association (AoA) that gives the airline’s two promoters a right of first refusal (RoFR) over the acquisition of each other’s shares.
InterGlobe Aviation is promoted by Rahul Bhatia and Rakesh Gangwal. Together, they own a 74.4 per cent stake in the country’s largest airline.
The removal of the clause will now allow either side to sell or transfer shares to a third party without giving each other notice.
More than 99.9 per cent of the airline’s shareholders voted in favour of removing the clause at the company’s extraordinary general meeting (EGM) on Thursday.
