The two groups together have a 74.4% stake in InterGlobe Aviation (IGA, parent company of IndiGo) almost equally. The end of the crash war means Big Blue airline could face upcoming challenges like Mega Indian water system Airline to be built next year and Big Bull’s entry into Indian skies.
“… at the EGM held on December 30, 2021, the members of the company have approved a special resolution for amendment of the Articles of Association by deleting Articles 1.6 to 1.15 (Transfer of Equity Shares), 1.16 to 1.20 (Acquisition) of the Shares. ) and 2A (other provisions on equity shares), with requisite majority,” the IGA said in a regulatory filing.
The EGM was convened on the joint request of both.
The deleted articles require, among other things, that “if any member of the RG (Rakesh Gangwal) Group or IGE (Rahul Bhatia) Group proposes to transfer any of his equity shares to any third party, the other The group shall have the right. Sole discretion: purchase transfer shares … or tag with …” other now-deleted articles state that if a group transfers shares other than a stock exchange, it shall The second group must first notify and disclose the identity of the proposed buyer. And, as of Friday, the other party had options such as the right of refusal before buying and asking the buying party to take an equal number of shares from both groups.
“This whole fight was essentially an ego issue between Bhatia and Gangwal, who used to be very good friends long ago and built India’s biggest and most successful airline in contemporary times. However, the need for a stake sale ended. But the Gangwal group is unlikely. Will exit IndiGo or reduce its stake substantially. We expect them to come together for the next round of airline growth and ‘dual input’ in IndiGo’s cockpit ‘ warning will expire,” said an industry insider.
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