Online travel aggregator MakeMyTrip is raising about $3 billion to buy back a portion of China-based Trip.com’s stake in the company, according to an exchange filing with the US Security Exchange Commission.
The company is offering 14 million ordinary shares, which are currently trading on the US stock exchanges at $100.88 apiece. While it did not disclose the final price of the offering, based on the share price, the firm could raise about $1.4 billion.
Apart from shares, the company is also offering $1.25 billion of convertible senior notes and another $187.5 million of its convertible senior notes if the buyers want more.
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The filing added that MakeMyTrip intends to use the net proceeds from the offering as well as from the notes offering to purchase a portion of its outstanding Class B Shares, of which Trip.com owned 100% as of March 31, 2025.
The Shanghai-based firm also owns 15.05% of the travel tech platform’s issued and ordinary shares, giving it a total voting power of 45.34%.
Post the buyback, Trip.com’s voting power is expected to go down to 19.99% and the number of its nominations to MakeMyTrip’s board of directors will be reduced to two directors from five directors currently.
The move comes amidst a growing list of Indian companies buying back shares from their Chinese investors to unlock control over their cap table and avoid any regulatory red flags.
Edited by Kanishk Singh
