FORBES INDIA EXCLUSIVE StgTest Article - MakeMyTrip seeks over $2 billion in shares, convertible sale

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The Gurugram, India-based company is offering 14 million new shares, and is also seeking to raise $1.25 billion from the sale of zero-coupon convertible bonds, according to a statement Monday.

At MakeMyTrip’s closing price on Monday of $100.88 per share, the shares would be valued at $1.4 billion, according to Bloomberg calculations.

MakeMyTrip shares fell 7.8% to $93 each in after-market trading as of 7:12 p.m. Monday in New York. The stock has declined 10.2% in the year to date.

Hong Kong- and New York-traded Trip.com controlled 45.34% of the voting power in MakeMyTrip as of March 31, according to the share sale prospectus. The share sale and planned purchase of part of Trip.com’s stake is set to reduce the Chinese firm’s voting power to 19.99%, the prospectus shows.