InterGlobe Aviation shares rise over 2 pc on announcement of shareholders meet on Jan 29

InterGlobe Aviation shares rose by over 2 per cent on Friday after the company announced convening a meeting of shareholders on January 29, at the request of co-promoter Rakesh Gangwal, for removing various provisions in a key document of the company.

The scrip gained 2.10 per cent to close at Rs 1,360.95 on the BSE. During the day, it jumped 3.68 per cent to Rs 1,382.

At the NSE, the scrip rose by 2.14 per cent to close at Rs 1,360.95.

In signs that promoters' feud are far from over, InterGlobe Aviation on Friday announced convening a meeting of shareholders on January 29, at the request of co-promoter Rakesh Gangwal, for removing various provisions in a key document of the company.

The extraordinary general meeting (EGM) would discuss deleting various Articles pertaining to transfer and acquisiton of the company's shares, including 'Right of First Refusal' and ' Tag Along Right', in the company's Articles of Association (AoA).

The meeting is being convened on January 29 following request by Rakesh Gangwal (RG) Group and related entities who together hold 36.64 per cent stake in the company, a regulatory filing said on Friday.

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. In the wake of the feud, arbitration proceedings are also going overseas between the two promoters' sides.