The shareholders of InterGlobe Aviation, the parent of budget carrier IndiGo, on Thursday approved a resolution to amend the company’s articles of association (AoA) that lifts the restrictions on the promoters to sell their shares.
The approval marks a major turning point in the over two-year feud between promoters Rahul Bhatia and Rakesh Gangwal.
Speculation has been rife that on shareholder approval, Gangwal may sell a part of his stake in India’s largest airline with a market share of around 54 per cent.
Gangwal himself in July 2019 had said that he would not sell his shareholding and was in for the “long-haul’’.
