MakeMyTrip completes share repurchase to cut China firm’s stake

Nasdaq-listed MakeMyTrip has completed repurchase of over 3.4 crore Class B shares held by China-based Trip.com, 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 Trip.com-nominated directors had resigned with immediate effect following the completion of the repurchase, as the number of Trip.com 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. The move comes in the backdrop of calls for minimising business relations with companies and investors from countries such as China and Turkiye.