Overview

• The $2.6 billion fundraising includes a primary offering of 14 million Class A shares and $1.25 billion in convertible senior notes due 2030.
• MakeMyTrip will use the proceeds to repurchase a portion of Trip.com’s Class B shares, cutting its ownership from about 45.34% to below 20% and reducing board seats from five to two.
• Trip.com is set to remain the largest minority shareholder following the transaction, which is expected to close soon.
• The repurchase follows heightened geopolitical tensions between India and China and tighter scrutiny of Chinese investment in Indian firms.
• MakeMyTrip’s strong post-Covid travel demand has underpinned the move as it seeks to optimise its shareholding structure and reinforce domestic investor confidence.