At EGM, IndiGo shareholders back resolution to scrap RoFR clause

The removal of clause will now allow the two promoters of the airline to sell or transfer shares to a third party without giving each other notice

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