InterGlobe Aviation's promoter holdings have been rejigged following amalgamation of a promoter entity with another while there will be no change in control or management of the company, according to regulatory filings.
A listed company, InterGlobe Aviation is the parent of leading no-frills airline IndiGo.
Under an amalgamation scheme, InterGlobe Enterprises Ltd -- which had 40.01 per cent stake in InterGlobe Aviation -- has been amalgamated with Acquire Services Pvt Ltd, as per filings to the BSE.
The rejig is pursuant to a composite scheme of arrangement involving InterGlobe Enterprises, InterGlobe Real Estate Ventures Pvt Ltd, InterGlobe Business Solutions Pvt Ltd and Acquire Services. The scheme received approval from the National Company Law Tribunal on November 24.
Post amalgamation, Acquire Services now holds 40.01 per cent stake of InterGlobe Enterprises in addition to the former's holding of 10,000 shares.
While noting that the scheme came into effect from November 29, InterGlobe Aviation said there would not be any change in management due to the restructuring.
"As a result of the restructuring, we confirm that there is no takeover of the company by another company, there will be no change in the name of the company and there would not be any change in the control or management of the company.
"Further, there is no change in the promoters' shareholding in the company," InterGlobe Aviation's Chief Financial Officer Rohit Philip said in a filing to the exchange.
In another filing, InterGlobe Aviation said the key rationale for the amalgamation is for the "creation of a single, consolidated aviation and allied activities business vertical within the group".
"The scheme will also result in the consolidation of the promoter shareholding in IndiGo and the consolidation of group companies which, under the RBI regulations, are either core investment companies or which may, over a period of time become core investment companies," the filing said.
Shares of InterGlobe Aviation declined 2.61 per cent to close at Rs 1,124.75 on the BSE.
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