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MakeMyTrip to raise $2.5 Bn to halve Chinese investor Trip.com’s stake

Entrackr

Entrackr · 1m ago

MakeMyTrip to raise $2.5 Bn to halve Chinese investor Trip.com’s stake

Online travel booking (OTA) giant MakeMyTrip is raising over $2.5 billion to enable a partial exit for China-based Trip.com Group, a leading OTA, by facilitating the buyback of previously acquired Class B shares. MakeMyTrip has announced the launch of a primary offering comprising 1.4 crore equity shares, with the final price yet to be determined, along with convertible notes worth up to $1.25 billion, as per Nasdaq filings.

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MakeMyTrip is buying out its Chinese stakeholders; these startups have also reduced Chinese holdings

Economic Times

Economic Times · 1m ago

MakeMyTrip is buying out its Chinese stakeholders; these startups have also reduced Chinese holdings

MakeMyTrip is set to reduce the stake of its Chinese stakeholders by raising $3 billion to buy back shares from Trip.com Group, lowering its stake from 45.34% to 19.99%. This move aligns with other Indian companies like Paytm, Zomato, BigBasket, Dream11, Delhivery, and Pratilipi that have also reduced or eliminated Chinese investors' stakes, particularly following geopolitical tensions between India and China.

Easemytrip founder accuses MakeMyTrip of having deep Chinese ties; says armed forces data not safe with portal

Economic Times

Economic Times · 2m ago

Easemytrip founder accuses MakeMyTrip of having deep Chinese ties; says armed forces data not safe with portal

Easemytrip founder Nishant Pitti accused rival MakeMyTrip of compromising the data of Indian Armed Forces personnel by having significant Chinese ownership. Pitti argued that MakeMyTrip's majority Chinese ownership poses a security risk, as sensitive travel data, including Defense IDs and travel routes, could be exposed. He pointed out that half of MakeMyTrip’s board has direct ties to China and criticized recent board changes as superficial attempts to hide Chinese influence. MakeMyTrip dismissed these allegations as motivated.

Trip. com Group says MakeMyTrip will pay $3 billion for repurchase

Economic Times

Economic Times · 1m ago

Trip. com Group says MakeMyTrip will pay $3 billion for repurchase

MakeMyTrip plans to raise $3 billion through a repurchase agreement with Trip.com Group.

Prosus manages $6.5 billion in Indian tech assets, eyes more IPO exits - The Economic Times

Economic Times

Economic Times · 1m ago

Prosus manages $6.5 billion in Indian tech assets, eyes more IPO exits - The Economic Times

Dutch investor Prosus manages $6.5 billion across over 30 Indian companies, with investments totaling $8.6 billion. The loosely coupled portfolio includes Meesho, Swiggy, and Urban Company, allowing mutual synergies. Successful investments like MakeMyTrip and Flipkart have resulted in $4 billion in cash returns. Prosus sees further growth with prospective IPOs, including Urban Company and BlueStone, enhancing returns. Swiggy's IPO alone yielded $500 million for Prosus, which still holds a significant stake in the company.

Ather Energy Eyes INR 4,500 Cr IPO, To File DRHP Next Week

Inc42 · 11m ago

Ather Energy Eyes INR 4,500 Cr IPO, To File DRHP Next Week

Ather Energy is planning to raise $2.5 billion through its IPO, combining a fresh issue and an offer for sale. This move follows the successful IPO of its competitor, Ola Electric. Ather recently entered the unicorn club after securing $71 million from its existing investor, the National Investment and Infrastructure Fund, valuing the company at $1.3 billion.

MakeMyTrip completes share repurchase to cut China-based Trip. com's stake - The Economic Times

Economic Times

Economic Times · 1m ago

MakeMyTrip completes share repurchase to cut China-based Trip. com's stake - The Economic Times

MakeMyTrip has repurchased over 34 million Class B shares from China-based Trip.com, reducing Trip.com's voting power from 45.34% to 16.90%. Following this, three Trip.com-nominated directors resigned, and the board was restructured to include three new directors. MakeMyTrip now has over 95 million shares outstanding, with Trip.com holding a reduced stake. This action decreases Trip.com's influence, reflecting strategic changes in MakeMyTrip's governance and ownership structure.

Adani family plans to raise $3.6 bn via promoter share sales

Livemint

Livemint · 11m ago

Adani family plans to raise $3.6 bn via promoter share sales

The Adani family, owners of businesses ranging from airports to edible oil, is expected to raise up to $3.6 billion by selling part of its promoter holdings in Adani group companies over the next 12-18 months. This comes as a strategy to rebalance their wealth portfolio due to the sharp increase in Adani Group firm's share prices in the past year. The family's share-sale plan includes a 0.5-3% monetization of promoter stake, beginning with the sale of a stake worth ₹3,000-4,000 crore in Ambuja Cements Ltd. Other unlisted businesses may also see stake sales.

True North plans exit move as Niva Bupa prepares for $360-mn IPO

VCCircle

VCCircle · 1y ago

True North plans exit move as Niva Bupa prepares for $360-mn IPO

Indian health insurer Niva Bupa is preparing to raise $360 million in an initial public offering (IPO), with a potential valuation of up to $2.5 billion. Bupa, which currently holds a 63% stake in the Indian venture, plans to sell a small stake worth up to $38 million, while private equity firm True North intends to sell a stake worth up to $225 million. Niva Bupa has hired Morgan Stanley and several Indian banks for the IPO, and plans to use the funds to strengthen its balance sheet and cover operating expenses.

Apple’s Chinese supplier Lingyi taps foreign investor for India expansion

VCCircle

VCCircle · 1y ago

Apple’s Chinese supplier Lingyi taps foreign investor for India expansion

Lingyi iTech, a Chinese consumer electronics component maker, is looking to expand its operations in India. Its Indian subsidiary, Salcomp Technologies India, is set to raise $150 million from a global investor to support this expansion. Salcomp Technologies India specializes in manufacturing chargers for Apple's iPhones.

Invesco Marks Up Swiggy’s Valuation To $13.3 Bn Ahead Of IPO

Inc42 · 10m ago

Invesco Marks Up Swiggy’s Valuation To $13.3 Bn Ahead Of IPO

- Invesco invested $190.47 Mn in Swiggy during a funding round in January 2023. - Invesco's Developing Markets Fund currently values its stake in Swiggy at around $219.25 Mn as of July 2024. - Swiggy has filed an updated DRHP with SEBI to raise over INR 3,750 Cr through its IPO. - The expected valuation of Swiggy's IPO is around $15 Bn. - Invesco's stake in Swiggy is expected to see a significant increase in value if the IPO is successful.

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