New Delhi, Aug. 18 -- Swiggy said on Tuesday that its shareholders have approved a proposal to cap foreign ownership in the company at 49.5%. This move will help Swiggy qualify as an Indian-owned and controlled company (IOCC).

The latest approval comes after shareholders rejected a similar proposal in May.

Under India's foreign investment rules, a company can qualify as an IOCC if more than 50% of its beneficial ownership is held by domestic entities or individuals. Resident Indians must also retain control, including the right to appoint a majority of directors or to make key policy decisions.

As of July 6, aggregate foreign investment in Swiggy stood at 49.76% on a fully diluted basis, while domestic investors owned 50.24%.

Swiggy's...