InterGlobe Aviation stock gains 3% after EGM news

The aviation company said a meeting of shareholders will be convened on January 29, to seek approval for certain changes in the company's articles of association.

Jan 03, 2020 09:01 IST India Infoline News Service

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Shares of InterGlobe Aviation gained 3% in the afternoon trade after the aviation company said a meeting of shareholders will be convened on January 29, to seek approval for certain changes in the company's articles of association.

“An Extraordinary General Meeting (“EGM”) of the members of InterGlobe Aviation Limited (the “Company”), on the requisition dated December 24, 2019, made by the RG Group comprising of Rakesh Gangwal, Shobha Gangwal and The Chinkerpoo Family Trust (Trustee: Shobha Gangwal and J.P. Morgan Trust Company of Delaware) (“Requisitionists”), collectively holding 36.64% of the paid-up share capital of the Company, will be held on Wednesday, January 29, 2020,” the airline company said.

The differences between co-founders and co-promoters -- Rakesh Gangwal and Rahul Bhatia -- came to the fore in July 2019 after Gangwal sought market regulator Sebi's intervention to address alleged corporate governance lapses at the company.  The EGM would vote on changes in the articles of association (AoA). Generally, an AoA provides the regulations for operating a company, the company said.

Interglobe Aviation Ltd is currently trading at Rs1,359.10, up by Rs26.2 or 1.97% from its previous closing of Rs1,332.90 on the BSE.

The scrip opened at Rs1,329.50 and has touched a high and low of Rs1,382 and Rs1,302 respectively.

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