MakeMyTrip falls after unveiling convertible bonds and stock offering

MakeMyTrip

17/06/2025 12:39

** Indian travel company MakeMyTrip's MMYT.O shares fall 7% to $93.90 premarket

** Gurugram, India-based MMYT late Monday unveiled offering of $1.25 billion of convertible bonds due 2030

** Separately, MMYT also kicked off a stock offering of 14 million shares

** Stock closed up 2.2% at $100.88 on Monday

** MMYT plans to use the proceeds to fund repurchase of some of the Class B shares that travel platform Trip.com Group owns

** Trip.com 9961.HK is MMYT's biggest shareholder with 15.4% stake, according to LSEG data

** 9 of 10 brokerages rate the stock "buy" or higher and 1 "hold"; median PT is $121.35 - data compiled by LSEG

** As of last close, MMYT stock was down 10.2% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))