Indian travel giant MakeMyTrip is looking to raise over $2 billion through the simultaneous sale of shares and convertible bonds.
The company’s move comes as part of its strategy to buy back a stake held by Trip.com.
The firm plans to offer 14 million new shares and also raise $1.25 billion via selling zero-coupon convertible bonds.
Trip.com holds 45% voting power in MakeMyTrip
At MakeMyTrip’s closing price of $100.88 per share on NASDAQ, the share sale could be valued at around $1.4 billion, Bloomberg calculations indicate.
As of March 31, Trip.com Group Ltd held around 45.34% of the voting power in MakeMyTrip, according to a share sale prospectus.
The upcoming stock sale and planned purchase of part of Trip.com’s stake will reduce its voting power to 19.99%, the prospectus shows.