Swiggy shareholders approve IOCC status, cap foreign ownership at 49.5%

•Swiggy shareholders approved a proposal to become an Indian-owned and controlled company (IOCC) at the 13th AGM.

•The IOCC status caps foreign ownership at 49.5% and was approved with 99.99% votes in favour.

•Shareholders also approved amendments to the Articles of Association, allowing cofounders to appoint directors and retain board control.

•Three senior executives' roles were expanded across Instamart and food marketplace businesses.