MakeMyTrip announced on Tuesday it raised approximately $3.1 billion to purchase shares from China’s Trip.com Group. The company owned at one point more than 45%.
MakeMyTrip announced in a filing on the stock market last month that it would raise money to buy shares. Trip.com has reduced its stake to 16.9% after several repurchases.
MakeMyTrip has said that it would be open to more buybacks this year. “We will remain open to further buybacks even in the remaining part of the year as we haven’t deployed directly out of our balance sheet throughout the quarter,” MakeMyTrip chief financial officer Mohit Kabra stated during an earnings conference call on Tuesday.
Skift accessed Skift’s 6-K file with the U.S. SEC following the announcement. This revealed a new board.
MakeM is entitled to nominating directors from Trip.com
