Swiggy board approves 49.5% foreign ownership limit to obtain IOCC status

In an effort to meet India’s foreign exchange restrictions and become an Indian-owned-and-controlled company (IOCC), Swiggy’s board has approved a proposal aimed at limiting the company’s total foreign ownership at 49.5 per cent on a fully diluted basis.

According to a regulatory filing, the plan will be presented to shareholders for approval through a special resolution at the company’s 13th Annual General Meeting (AGM), which is set for August 18.