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Economic Times
a day ago
- Business
- Economic Times
MakeMyTrip completes share repurchase to cut China-based Trip. com's stake
ANI Nasdaq-listed MakeMyTrip has completed repurchase of over 3.4 crore Class B shares held by China-based bringing down the latter's voting power in the travel booking platform to 16.90 per cent from 45.34 per cent. The Gurugram-headquartered MakeMyTrip informed the US stock exchange that three directors have resigned with immediate effect following the completion of the repurchase, as the number of nominated directors on its Board has been reduced from five directors earlier, to two directors pursuant to the Terms of Issue of the Class B shares. "On July 2, 2025, MakeMyTrip completed the repurchase of 34,372,221 Class B shares in MakeMyTrip from Group Limited pursuant to the amended and restated share repurchase agreement dated June 23, 2025 between MakeMyTrip and All of the 34,372,221 Class B shares repurchased from by MakeMyTrip have been cancelled," MakeMyTrip informed in the filing. Following the completion of the repurchase, MakeMyTrip has a total of 95,383,399 shares outstanding, comprising 89,851,697 ordinary shares, 5,295,690 Class B shares and 236,012 ordinary shares held as treasury shares (of which holds 10,773,694 ordinary shares and 5,295,690 Class B ordinary shares, representing approximately 16.90 per cent of the voting power in MakeMyTrip), the company stated. MakeMyTrip's board of directors will continue to consist of ten members, comprising three management directors, four directors (including one Mauritius resident director) who will qualify as Independent Directors (as defined in the amended and restated investor rights agreement dated April 26, 2019 between MakeMyTrip and one other Mauritius resident director and two directors nominated by Regarding the changes in composition of its Board, MakeMyTrip informed that three nominated directors including James Jianzhang Liang, Moshe Rafiah and Paul Laurence Halpin have each notified the board of directors of MakeMyTrip of his intention to resign as a director with effect from the completion of the repurchase. The board of directors of MakeMyTrip accepted their resignations with immediate effect. The board of directors of MakeMyTrip approved the appointment of Vivek N Gour, Savinilorna Payandi Pillay Ramen and Mohit Kabra (its Group Chief Financial Officer) as directors with effect from July 2, 2025, the travel booking platform said. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. How Balrampur Chini, EID Parry are stirring up gains amid melting sugar stocks Are Sebi's MII evaluations driving real change or just more paperwork? Delhivery survived the Meesho curveball. Can it keep on delivering profits? Drones have become a winning strategy in war; can they be in investing? Stock Radar: Trent stock showing signs of bottoming out; stock still down over 25% from highs – what should investors do? Buy, Sell or Hold: Motilal Oswal initiates coverage on Inox Wind; Gabriel top pick for Elara Securities One simple reason to own & trade them: 5 large-caps from different sectors with upside potential of up to 46% Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus
Time of India
a day ago
- Business
- Time of India
MakeMyTrip completes share repurchase to cut China-based Trip. com's stake
Academy Empower your mind, elevate your skills Nasdaq-listed MakeMyTrip has completed repurchase of over 3.4 crore Class B shares held by China-based bringing down the latter's voting power in the travel booking platform to 16.90 per cent from 45.34 per Gurugram-headquartered MakeMyTrip informed the US stock exchange that three directors have resigned with immediate effect following the completion of the repurchase, as the number of nominated directors on its Board has been reduced from five directors earlier, to two directors pursuant to the Terms of Issue of the Class B shares."On July 2, 2025, MakeMyTrip completed the repurchase of 34,372,221 Class B shares in MakeMyTrip from Group Limited pursuant to the amended and restated share repurchase agreement dated June 23, 2025 between MakeMyTrip and All of the 34,372,221 Class B shares repurchased from by MakeMyTrip have been cancelled," MakeMyTrip informed in the the completion of the repurchase, MakeMyTrip has a total of 95,383,399 shares outstanding, comprising 89,851,697 ordinary shares, 5,295,690 Class B shares and 236,012 ordinary shares held as treasury shares (of which holds 10,773,694 ordinary shares and 5,295,690 Class B ordinary shares, representing approximately 16.90 per cent of the voting power in MakeMyTrip), the company board of directors will continue to consist of ten members, comprising three management directors, four directors (including one Mauritius resident director) who will qualify as Independent Directors (as defined in the amended and restated investor rights agreement dated April 26, 2019 between MakeMyTrip and one other Mauritius resident director and two directors nominated by the changes in composition of its Board, MakeMyTrip informed that three nominated directors including James Jianzhang Liang, Moshe Rafiah and Paul Laurence Halpin have each notified the board of directors of MakeMyTrip of his intention to resign as a director with effect from the completion of the repurchase. The board of directors of MakeMyTrip accepted their resignations with immediate board of directors of MakeMyTrip approved the appointment of Vivek N Gour, Savinilorna Payandi Pillay Ramen and Mohit Kabra (its Group Chief Financial Officer) as directors with effect from July 2, 2025, the travel booking platform said.
