IndiGo slips 2% after shareholders reject Gangwal’s special proposal at EGM

Shares of InterGlobe Aviation — the parent company of IndiGo airlines — skid 2 per cent to Rs 1,432 on the BSE on Thursday after the airiline’s Board rejected the special resolution proposed by IndiGo co-promoter Rakesh Gangwal at the Extraordinary General Meeting (EGM) held Wednesday. The resolution sought to relax rules on the sale and purchase of shares by its main shareholders making it easier for the promoters to raise or cut stake in the company.

“The special Resolution for Amendments to the Articles of Association of the Company has not been passed as the votes cast in favour of the resolution are less than three times the number of votes cast against the resolution,” the company said in a regulatory filing post market hours. The resolution required support from at least 75 per cent shareholders.