MakeMyTrip Raises $3.1 Billion to Shrink Trip.com Group's Stake
MakeMyTrip on Tuesday said it raised around $3.1 billion as part of its plans to repurchase shares from China's Trip.com Group, which at one point owned more than 45% of the company.
MakeMyTrip said in a stock exchange filing last month that it was raising money to buy back shares, and after several repurchases during the quarter, Trip.com's stake is down to 16.9%.
MakeMyTrip said it is open to doing more buybacks later this year. "We'll remain open to kind of dipping into further buyback even in the rest of year because we haven't really deployed directly from the balance sheet through the quarter," MakeMyTrip Chief Financial Officer Mohit Kabra said during an earnings call Tuesday.
Following the announcement, Skift accessed the company's 6-K filing with the U.S. SEC, which also revealed a board overhaul.
Trip.com's right to nominate directors on MakeM
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