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The convertible bonds are being offered with a conversion premium of 25 per cent to 35 per cent, say sources | Photo Credit: SOMASHEKARA GRN
MakeMyTrip Ltd is seeking to raise more than $2 billion in concurrent sales of shares and convertible bonds, as the US-listed Indian travel firm aims to buy back a stake held by Trip.com Group Ltd.
The Gurugram-based company is offering 14 million new shares, and is also seeking to raise $1.25 billion from the sale of zero-coupon convertible bonds, according to a statement Monday.
At MakeMyTrip’s closing price on Monday of $100.88 per share, the shares would be valued at $1.4 billion, according to Bloomberg calculations.
Hong Kong- and New York-traded Trip.com controlled 45.34 per cent of the voting power in MakeMyTrip as of March 31, according to the share sale prospectus. The share sale and planned purchase of part of Trip.com’s stake is set to reduce the Chinese firm’s voting power to 19.99 per cent, the prospectus shows.
Founded in 2000, MakeMyTrip offers online booking of flights, hotels, travel packages and homestays as well as ground transportation, its website shows.
The convertible bonds are being offered with a conversion premium of 25 per cent to 35 per cent, according to a person familiar with the matter, who asked not to be identified as the information isn’t public.
Both offerings are expected to price after the US markets closes on Tuesday, the person said.
A representative for MakeMyTrip didn’t immediately respond to a request for comment.
Morgan Stanley and JPMorgan Chase & Co are leading the share sale, according to a prospectus.
More stories like this are available on bloomberg.com
Published on June 17, 2025
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