MakeMyTrip rises following convertible bonds sale and stock offering

MakeMyTrip

18/06/2025 16:42

** U.S.-listed shares of Indian travel company MakeMyTrip MMYT.O rise 3.5% to $94.70

** Gurugram, India-based MMYT late Tuesday sold 16 million shares in an upsized stock offering at $90 apiece for gross proceeds of $1.44 billion

** Offering priced at 1.6% discount to stock's last close

** Separately, MMYT also sold $1.25 billion of convertible bonds due 2030 in a private offering

** Initial conversion price of $121.50 per share represents 32.8% premium to stock's last close

** Stock closed down 9.3% on Tuesday after MMYT unveiled the convertible bonds and stock offering

** Proceeds will be used to repurchase portion of Class B shares of the company from Trip.com 9961.HK

** MMYT expected to pay between $2.5 billion and $3 billion to repurchase portion of its shares held by Trip.com

** As of last close, MMYT stock down 18.5% YTD

(Reporting by Arasu Kannagi Basil in Bengaluru)

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