MakeMyTrip plans $3 billion buyback; China’s Trip.com stake to drop below 20%
India’s largest online travel platform MakeMyTrip plans to raise $3 billion through a mix of debt and equity to buy back shares from Trip.com Group, reducing the Chinese company’s holding, it said in a regulatory filing. The fundraise will be the largest ever by a listed Indian new-age company.
Following the buyback, Trip.com’s stake in MakeMyTrip will drop to 19.99% from 45.34% currently. Its board representation will also reduce to two directors from five.
