At IndiGo AGM, requests for more dividend, free tickets
New Delhi: InterGlobe Aviation Ltd, owner of India’s biggest domestic airline IndiGo held its first annual general meeting in the capital on Wednesday. The company listed on BSE last year.
The attendance at the meeting in Siri Fort auditorium which was scheduled during office hours was thin with only 132 shareholders showing up, but some had flown in from other cities.
IndiGo controls 40% of the domestic market and posted record profits of Rs.1,990 crore in 2015-16.
Most small investors showed up with the hope of bumper dividends.
When IndiGo's president Aditya Ghosh announced a dividend of Rs.15 per share during the meeting many seemed disappointed.
"Final dividend of Rs15 share is very low," said Abhimanyu Bhatia, one of the shareholders at the meeting. Bhatia who holds 400 IndiGo shares said his investment of Rs.4 lakh has grown to Rs.420,000 only and compared it unfavourably to another of his investments—in Rural Electrification Corp. Ltd, where he invested Rs.1.5 lakh for 1,000 shares and earned a dividend of Rs.17,000.
Bhatia is however very happy with the company and sees a great future for it. He is hoping the stock touched Rs.1,400 again.
IndiGo shares, trading at Rs.877 apiece on BSE on Wednesday had peaked at Rs.1,338 in January.
IndiGo already has a 115 aircraft fleet and Ghosh, who did not take questions from reporters after the meeting was over, told the shareholders that the fleet will increase to 136 by March as scheduled.
According to Bhatia, some investors suggested that the company give them free tickets.
The request, he said, was politely turned down. The company did provide complimentary coffee at the meeting.