MakeMyTrip looks to raise $3 billion to recoup stake from China's Trip. com
Online travel major MakeMyTrip is planning to raise $3 billion through equity and debt sale, according to Nasdaq filings on Tuesday. The funds will be used entirely to buy back Class B shares from China's Trip.com Group, limiting its presence on the Indian company's board.
Tired of too many ads?
Remove Ads
Online travel major MakeMyTrip is planning to raise $3 billion through equity and debt sale, according to separate Nasdaq filings on Tuesday. The funds will be used entirely to buy back Class B shares from China's Trip.com Group , limiting its presence on the Indian company's board.MakeMyTrip has proposed a primary offering of 14 million ordinary shares. Underwriters will have a 13-day option to purchase up to 2.1 million additional shares, the company said in its listing.The online travel agency said in a separate filing that it also plans to offer $1.25 billion worth of convertible senior notes , scheduled to mature in 2030, to qualified institutional buyers. Initial purchasers are expected to receive a 13-day option to purchase up to $187.5 million of additional notes.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
40 minutes ago
- Time of India
RBI rate cut to support growth; when credit offtake rises, so will deposits: Axis Bank CEO Amitabh Chaudhry
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel Geopolitical tensions will not impact India 's growth story, and with a rate cut, credit demand will increase, said Amitabh Chaudhry , managing director and CEO of Axis Bank . In an interview with Saloni Shukla and Sangita Mehta, he said the entry of well-capitalised Japanese banks should not be a concern, and that while some individuals of the new generation would want to be on the investment side, new entrepreneurs will emerge. Edited excerpts:Global economic growth is the weakest since the big recession. It is being driven by the tariff war and geopolitical tensions, which is resulting in uncertain policies. The investment climate has been aggravated and consumer confidence is at a lower level because people, when they see volatility they tend to postpone purchases. India is much less impacted by some of these global factors, and I think our key relationships across the world are working in our quite a few families, the new generation wants to be on the investment side and have professionals manage the business. If you are on the investment side, you become a bit cautious on the business side. But new entrepreneurs will come in and replace them over a period. So, I am not worried that in some business groups, the newer generation is not necessarily involved in the business. If they stop growing, someone will come and replace them. I don't think that we lack entrepreneurs and lack the hunger every sector, several new players have come over a period and created businesses out of nothing, and they are very large businesses. Indian entrepreneurship is a very strong capital is long-term, signalling strong confidence in India's growth. From a competition perspective, they'e investing in small institutions — how these evolve remains to be seen. India is not an easy country to run a business in. I am not saying from a negative perspective. But to be able to grow extremely rapidly — much faster than what all of us are doing — is not going to be an easy thing to do. RBI lowered interest rates rapidly, signalling that it supports growth. In the next couple of quarters, it should feed through on the GDP growth side. As credit picks up, hopefully the growth projections will be upped a little bit this year. When credit growth comes back, deposit growth will also come 70% of our loans are floating rate loans, which are linked to repo. There will be a negative impact on NIMs to start with, but interest rates (will) come off on the deposit side. Over a 12-month cycle, the margin should come back up. ( Axis Bank NIM for FY25 is at 3.98%).Banks are chasing deposits, as credit growth depends on deposit growth. With government funds parked at RBI and more money flowing into mutual funds, while it remains as a deposit in the system, it is coming to the banking system at a higher cost. Asset growth must follow deposit private capex is finally picking up, with projected investments of Rs 1.25-1.35 lakh crore —70% in infrastructure. But the environment remains uncertain and volatile. While some large groups are investing heavily in infra, most are cautious, opting for incremental investments. The problem is volatility, the bankruptcy Bill, the fact that I could lose my business, the fact that in this environment should I put large bucks (in business) as I did in the past is what they need to be cognizant and deposit growth rates have now converged, as sustained divergence wasn't feasible. Deposit growth is expected at 11-13% in FY26. Wholesale credit demand is driven by five or six large business groups; smaller players aren't investing at scale. Retail growth may return as the cycle stabilises and consumption picks up, with some banks signalling a Bank is a bit cautious, as risk-taking demands clarity, real growth numbers which will impress you, I would say it is still a couple of quarters 3-4 years, our growth matched ICICI's; only in the last 2-4 quarters have they outpaced us. Our higher loan-to-deposit ratio (LDR), shaped by LCR norms and RBI's worry that banks are growing fast, limited our pace. To reduce LDR, we had to sharply cut incremental lending. ICICI benefited from a stronger salary account base in a depositconstrained market. We've strengthened acquisitions, deepened relationships and integrated Citi to boost our deposit franchise.: As per its growth plans, Axis Finance is looking to raise Rs 3,000 crore. We are in no position to infuse further capital because that is the commitment we have made to RBI. We have no option but to go to the market and try to raise the capital. We are running a process right now for that. With their rapid growth, they'll soon hit the upper-layer (NBFC) limits, so we'll follow all rules and decide on listing or stake sales when the time we'll consider the right opportunity. Typically, companies we like are overpriced, while affordable ones have issues. For MFI businesses, caution is key — they're entrepreneur-built and ambition is not reduced; it has not gone away. We have created a platform which can win. We are saying we can't just become number two overnight. But there are businesses we have in mind where we want to continue to improve our position as number one or number two. And as that share increases, automatically the gap between us and the second player will reduce. It's a long way to been some misunderstanding around the audit changes. Our former chief audit officer was a well-regarded banker, not a lifelong auditor. He got an opportunity internally within the bank. His replacement, an audit expert, joined but soon felt overwhelmed due to personal issues. He quickly admitted the mismatch, and we acted fast he exited within 10 days to avoid speculation. As for Rajiv Anand (deputy managing director), he had planned to retire. Some external opportunities may now be in play, but he has agreed to stay on as chairman of Axis Max Life , signalling continued association with the group
Time of India
42 minutes ago
- Time of India
Genpact clarifies 9-hour workday amid employee concern
Bengaluru: Amid online backlash over reports of a 10-hour workday, Genpact has clarified to TOI that it follows a 9-hour workday—not 10, as previously speculated. Genpact, however, declined to clarify additional details on the policy and didn't respond to TOI's emailed queries. Tired of too many ads? go ad free now Meanwhile, Accenture has officially extended its workday from 8 to 9 hours for its corporate function (marketing, HR and other functions) effective June 1. However, Accenture's work week is capped at 45 hours a week aligned with all the state government's policies. Infosys requires employees to clock in for 9 hours and 15 minutes each day, while HCL follows a standard 9-hour workday. The 10-hour workday has reignited conversations around work-life balance, productivity expectations, and incentive models within India's IT sectors. Sanketh Chengappa KG, director and business head – professional staffing, Adecco India, said, "Under Indian labour regulations, the standard workweek is capped at 48 hours, with any additional hours qualifying for overtime compensation at double the regular rate. While these provisions are not always stringently applied to white-collar roles, the recent push toward extended working hours has reignited critical discourse around employee rights, mental well-being, and equitable remuneration, particularly when productivity benchmarks are already being met. " Krishna Vij, business head at Teamlease Digital, said, across the tech industry, there is a noticeable shift toward extended work hours, tighter timelines, and evolving boundaries between work and personal time. "While some organizations view this to enhance flexibility and drive productivity, there are also growing conversations around the need to manage workload, maintain employee well-being, and ensure sustainable performance. Tired of too many ads? go ad free now " Recently, the Karnataka government has proposed labour reforms that would extend daily working hours to 10, while keeping the weekly cap at 48 hours. Last year, Karnataka labour minister Santhosh Lad stated that the state government was facing pressure from the IT industry to enact legislation permitting software professionals to work up to 14 hours a day.
Time of India
an hour ago
- Time of India
India, US push for trade pact as deadline nears
India and the US are engaged in intense trade negotiations to finalize a pact before the July 9 deadline, addressing contentious issues like tariffs and market access. While progress has been made, disagreements persist on matters such as patent laws and agricultural imports. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Hectic discussions are ongoing between India and the US to clinch a trade pact ahead of the July 9 deadline when the 90-day pause period for Washington's retaliatory tariffs comes to an and American trade negotiators have managed to find closure on many issues, and Indian trade officials have extended their visit to the US to conclude the talks."Both sides were clear in this round and not yielding on certain issues but have achieved closure on many grounds," said a person aware of the Delhi has stated that section 3(d) of the Indian Patents Act is non-negotiable and will not be reviewed. The section prohibits the grant of 'evergreening' patents, which are additional patents for a drug with no therapeutic benefit and are seen to increase the term of a patent wants the entire 26% tariff to be rolled back whereas the US wants to sell genetically modified crops to India, a sensitive area for New and dairy sectors are "difficult and challenging areas for India. And India has not opened up dairy in any of its free trade pacts," said the last round of talks would discuss both the interim and first tranche of the bilateral trade agreement (BTA) which is aimed to be concluded by week, US President Donald Trump said a big trade deal may be coming up with India and asserted that the US would "open up" the Trump administration had also indicated that the July 9 deadline could be extended but the final decision rests with the the deadline is not extended, the tariffs would come to the April 2 level of 26% in the case of it is not extended, India may gain in some areas and lose in some others compared to other countries, but the US will also get affected because of the high tariffs, another official had said experts expect a limited trade pact similar to the US-UK mini trade deal where India could cut tariffs on automobiles along with a limited market access through tariff reductions and tariff-rate quotas on American ethanol, almonds, walnuts, apples, raisins, avocados, olive oil, spirits and wine."This would leave out the broader free trade agreement issues such as services trade, intellectual property rights, and digital regulations for future negotiations," said a Delhi-based trade expert.
