End of shareholder pact may set IndiGo owners ‘free’
MUMBAI | NEW DELHI: The warring founders of InterGlobe Aviation, the company that runs Indi-Go, could have the freedom to sell their shares to any suitor after the shareholders’ agreement (SHA) between them expires in October.
The shareholders’ agreement between Rakesh Gangwal and Rahul Bhatia — which is to remain valid for four years after the company’s initial public offering (IPO) in 2015 — conferred on the founders the right of first refusal (RoFR) for each other’s shares in case one of them wanted to sell. The agreement also contains a ‘tag-along’ clause, which stipulates that the other promoter has the right to join any share-sale transaction and sell his stake along with the one who is exiting.
