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At the Annual General Meeting (AGM) on Tuesday, shareholders of the food and quick commerce delivery company Swiggy approved a proposal to convert the firm into an Indian Owned and Controlled Company (IOCC).

According to the company's report submitted on Tuesday, this decision sets the upper limit for aggregate foreign ownership at 49.5 percent.

Previously, in May, Swiggy's plans to transition to IOCC status faced a hurdle after shareholders rejected a key proposal to amend the company's Articles of Association (AoA).

The proposal from Tuesday was one of seven resolutions presented to shareholders at Swiggy's thirteenth Annual General Meeting (AGM). The foreign ownership restriction was classified as a special resolution and received support of 99.99 percent of votes.

This time, shareholders approved two separate special resolutions concerning the removal and amendment of certain Articles, receiving 99.98 percent and 93.97 percent of the votes, respectively.

The approved proposals include amendments to Swiggy's Articles that allow co-founders Sriharsha Majjetti and Fani Kishan Adepalli to appoint directors and retain the majority of seats on the board of directors. As of August 11, 2026, the company had 585,768 shareholders.

The company reported that all resolutions listed in the AGM notice were passed with the required majority. These also included the adoption of individual and consolidated financial statements for the fiscal year 26 and the reappointment of non-executive nominee director Ashutosh Sharma, who retired by rotation.

Abu Dhabi sovereign investor L’IMAD has declared its plan to launch a voluntary conditional cash offer aimed at acquiring up to 100 percent of the issued and paid-up share capital of Abu Dhabi Ports Company (AD Ports Group) that it does not currently possess.

This acquisition bid will be executed through L’IMAD’s entirely owned subsidiary, Abu Dhabi Developmental Holding Company (ADQ), which presently holds a stake of 75.42 percent in AD Ports Group.

L’IMAD functions as a sovereign investor representing the Government of Abu Dhabi, managing a diverse portfolio of both domestic and international investments across public and private sectors, with the goal of achieving consistent, long-term financial returns.

According to the stipulations of the proposed offer, shareholders are entitled to receive Dh6.25 per share in cash. This price represents a premium of 23 percent over the most recent closing share price of Dh5.10, a 25 percent increase compared to the one-month volume weighted average price (VWAP) of Dh5.02, and a 31 percent uplift from the three-month VWAP of Dh4.76.

Furthermore, this offered price constitutes a 95 percent premium relative to the Dh3.20 per share subscription price established prior to the company's listing on the Abu Dhabi Securities Exchange (ADX) in February 2022.

L’IMAD stated that this offer presents AD Ports Group shareholders with “an attractive opportunity to realise certain and immediate value.”

Separately, AD Ports Group recently disclosed an 88 percent surge in its second-quarter net profit, reaching Dh836 million. This strong performance was attributed to growth across maritime and shipping, economic cities and free zones, and logistics, marking the group’s best quarterly results ever recorded.

For the first three months concluding on June 30, revenue increased by 47 percent to reach Dh7.08 billion, while adjusted EBITDA rose by 49 percent to Dh1.74 billion. Concurrently, the EBITDA margin improved to 24.5 percent from 24.2 percent recorded in the preceding year.

AD Ports Group confirmed to the Abu Dhabi Securities Exchange that it had received notification from Abu Dhabi Developmental Holding Company (ADQ) regarding the intent to submit the voluntary conditional cash offer for the unheld portion of the Company’s share capital. The company indicated it would issue further updates concerning any significant developments in due time.

The full particulars of the offer, encompassing its terms, prerequisites, and timeline, are scheduled to be released by AD Ports Group shortly. It must be noted that the offer is contingent upon receiving necessary regulatory approvals.

To support the tender offer, L’IMAD has engaged Rothschild & Co Middle East as its financial advisor. Emirates NBD Bank and First Abu Dhabi Bank will function as joint-lead receiving banks, while Emirates NBD Capital and First Abu Dhabi Bank will serve as joint-lead managers. EFG Hermes UAE has been designated as a co-lead manager, and Allen Overy Shearman Sterling is acting as the legal advisor.