IndiGo’s stock traded in red a day ahead of its Extraordinary General Meeting (EGM). On Wednesday, the low-cost carrier’s stock opened at ₹1,992.80 which was approximately ₹9 lower than the previous close at ₹2,001.
BOC Aviation delivers eight Airbus A320Neo aircraft to IndiGo
The two promoters of India’s largest carrier called for an EGM in the first week of December to scrap a clause in the company’s articles of association (AoA), which gives them the right of first refusal (RoFR) over acquisition of each other’s share.
BusinessLine’s earlier report
This effectively meant that once the shareholders give their approval to drop this clause, either side can sell or transfer shares to a third party without giving notice to each other.
Airlines announce year-end offers, IndiGo latest to join the bandwagon
BusinessLine had reported IndiGo’s co-promoter Rakesh Gangwal may exit the airline by selling his stake in the low-cost-carrier after the EGM on December 30, ending the long battle with the other promoter, Rahul Bhatia.