India's MakeMyTrip slides on planned $175 mln capital raise

MakeMyTrip

04/02/2021 15:58

** U.S.-listed shares of MakeMyTrip  MMYT.O  down 11.6% at
$27.91 as India-based online travel agency looks to raise
capital
    ** Shares on track for biggest one-day pct drop since ~16%
fall on Jun 26, when co posted >700% yr/yr qtrly loss (~$339
mln), hurt by pandemic-induced lockdowns
    ** MMYT late Weds announced offering of 7-yr $175 mln
convertible senior notes for working capital and other general
corp purposes  urn:newsml:reuters.com:*:nGNX42vHWZ
    ** Morgan Stanley and Goldman jt bookrunners for offering,
slated to price Thurs AMC
    ** MMYT has ~$3.3 bln market cap as of Weds close, per
Refinitiv
    ** Including move on Thurs, shares have rallied ~170% from
their Mar lows

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 1-332-219-1430))