IndiGo shareholders reject move to change stock sale rules

Shareholders at the parent of IndiGo voted Wednesday against a proposal to lift restrictions around the sale and acquisition of shares, the latest development in a power struggle between its two founding shareholders. The motion to amend the company’s articles of association, voted on during an InterGlobe Aviation extraordinary general meeting Wednesday, would have made it easier for its two major shareholder groups to sell or increase their stake in the carrier. The proposal fell just short of securing a majority, securing 48.6% in favour of the amendment. The change in share rules was sought by IndiGo co-founder Rakesh Gangwal, who with the Chinkerpoo family trust and Shobha Gangwal, holds through the RG Group a 37% stake in the company. <br/>