New Delhi, Aug. 20 -- Shares of online food ordering and delivery platform Swiggy gained 3% over two trading sessions after a resolution enabling the company to become an Indian owned and controlled company was approved at its annual general meeting on Tuesday.

This will allow Swiggy's quick commerce arm Instamart to operate an inventory-owned model alongside its online marketplace for third-party sellers.

To become an Indian owned and controlled company, foreign ownership must be less than 50% and the majority board representation has to be of resident Indian individuals. Swiggy lowered the cap on foreign holdings to 49.5% from 50.02% in June. With foreign investors such as SoftBank surrendering the right to nominate directors, board r...