India, July 23 -- In continuation to its attempt at becoming an Indian owned and controlled company (IOCC) Swiggy's board has approved a proposal of capping its aggregate foreign ownership at 49.5%. The company would now be seeking shareholder approval for the move.

If approved, the move would enable Swiggy to qualify as an IOCC under the Foreign Exchange Management Act (FEMA). Notably, the company has seen an improvement in its domestic shareholding in recent times.

Earlier this month, Swiggy had disclosed that its aggregate foreign ownership had declined to 49.76%.

To complete the move, it is also reattempting to amend its Articles of Association (AoA) by removing certain existing individual and institutional nomination rights, intro...