MMT to raise $3 billion to trim Chinese stake

BENGALURU: MakeMyTrip is raising over $3 billion as part of its two-part capital raise, comprising a public equity offering and a private convertible note issuance, its latest Nasdaq filings showed.

The combined proceeds will be used for repurchasing a portion of its Class B shares from the Chinese travel agency Trip.com. MakeMyTrip first raised $180 million from Trip.com, then known as Ctrip, in 2016. In 2019, Trip.com increased its stake in MakeMyTrip to about 49% from 10% through a share-swap transaction, acquiring South African tech conglomerate Naspers' stake, which was MakeMyTrip's largest shareholder.