MakeMyTrip looks to raise $3 billion to recoup stake from China's Trip. com
Tired of too many ads?
Remove Ads
Online travel major MakeMyTrip is planning to raise $3 billion through equity and debt sale, according to separate Nasdaq filings on Tuesday. The funds will be used entirely to buy back Class B shares from China's Trip.com Group , limiting its presence on the Indian company's board.MakeMyTrip has proposed a primary offering of 14 million ordinary shares. Underwriters will have a 13-day option to purchase up to 2.1 million additional shares, the company said in its listing.The online travel agency said in a separate filing that it also plans to offer $1.25 billion worth of convertible senior notes , scheduled to mature in 2030, to qualified institutional buyers. Initial purchasers are expected to receive a 13-day option to purchase up to $187.5 million of additional notes.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
19 minutes ago
- Time of India
US $250 visa fee may cost economy $29 bn in lost tourism spend
You Might Also Like: Could Trump's Big Beautiful Bill drive away World Cup tourists from the US? Congress and the US tourism industry are at odds over the newly approved $250 'visa integrity fee.' While the Congressional Budget Office ( CBO ) projects it could generate about $2.7 billion annually, industry officials warn it will deter international visitors and harm the broader CBO's estimate is based only on direct fee collections from roughly 11 million annual applicants. But Tourism Economics , a division of Oxford Economics, found the fee could discourage 5.4% of visitors, translating to nearly one million fewer trips each year. That would cut visitor spending, tax revenue, and jobs in the tourism sector. A CBO spokesperson told Forbes, 'By longstanding tradition, the Congressional Budget Office does not incorporate macroeconomic feedback effects into its traditional cost estimates.'Industry representatives argue that lawmakers overlooked the impact on key markets such as India and Brazil. 'Congress made the mistake of assuming that this worldwide visa integrity fee would not have a big impact on visitors from countries like India or Brazil,' Erik Hansen, senior vice president of government relations at the US Travel Association, told Forbes. He noted India is one of the fastest-growing inbound markets, with Indian tourists spending $13.3 billion in the US in 2024. 'Applying a $250 fee to a country where travel is growing is mindboggling. It will absolutely deter travel—that's what our research has found,' Hansen refund provision attached to the fee is also drawing scrutiny. Under the Big Beautiful Bill, the State Department 'may reimburse' the fee after the visa expires, but most visitor visas are valid for 10 years. 'The idea that you're going to give the government money and then wait around 10 years and remember to ask for it back, even if you followed the rules, is just absolutely crazy,' Hansen said. The CBO itself acknowledged that few applicants would claim refunds, and the State Department would need years to create a processing fee comes as international tourism to the US faces broader headwinds. A June report from the World Travel & Tourism Council (WTTC) projected the US will be the only major market to see a decline in international visitor spending in 2025, with losses estimated at $29 billion. WTTC President Julia Simpson said, 'While other nations are rolling out the welcome mat, the US government is putting up the 'closed' sign.'Compounding the challenge, Congress cut funding for Brand USA—the country's marketing agency—from $100 million to $20 million. Hansen called the decision 'another error,' stressing that the program is central to shaping international perceptions of the US as a travel destination.
The Hindu
19 minutes ago
- The Hindu
A city with strong cultural moorings: Sharath Kamal
'I like the way the people of Chennai have strong cultural moorings, the way people are grounded out here, defines Chennai as a city. Even though it is deemed a conservative place, the perception I feel has helped people establish a strong cultural identity,' says former Indian table tennis player Sharath Kamal. 'I like how the city has bonded in terms of different aspects of life: through music, culture, arts, and sports. Our involvement in all these aspects shape us all as the people of Chennai.' 'A lot of tradition still continues in a strong way in Chennai, for example the music festival during the winter months. This in a way defines the identity of the city and the people of the city.' 'The legacy that has been built by the generations before continue to be passed on to the next generation. Alongside, the sporting culture has also had pretty strong roots. Chennai always had a sizeable number of spectators showing up to watch different sports. Many are hardcore sports fans and keep themselves well aware across different disciplines and games. I get recognised in Chennai, which doesn't happen in many other places. This is true for many other sportspersons as well.' (As told to Saptarshi Bhattacharya)
Time of India
19 minutes ago
- Time of India
Zuperia Auto enters L5 passenger EV segment with Youdha EPOD
Zuperia Auto Pvt Ltd , formerly known under the Lohia brand, has announced its foray into the electric L5 passenger vehicle category with the launch of its flagship Youdha EPOD , marking a strategic expansion beyond its core e-rickshaw business. The EPOD, a three-seater electric passenger vehicle , aims to capture a share of the fast-growing E3W market, currently dominated by players such as Mahindra, TVS and Bajaj. The company is positioning the vehicle for performance, comfort and affordability in the ₹90,000 crore last-mile mobility space. While Zuperia retains the Lohia brand as a premium offering, the Youdha range is designed for the mass market. Its portfolio includes electric cargo loaders, garbage disposal vehicles and municipal service models, supporting both passenger and commercial mobility, the official statement said The company's Kashipur (Uttarakhand) facility, with an annual capacity of one lakh vehicles, is undergoing modernisation to enhance efficiency and output. The company aims to generate ₹1,000 crore in revenue by 2030, banking on a dual-brand strategy and wider product rollout across B2B and B2C markets. CEO Ayush Lohia said the company's focus is not only on producing EVs but also on building the surrounding ecosystem, with emphasis on durability, battery performance and operational reliability in Indian conditions.
