Shardul Amarchand Mangaldas & Co. acted as Indian legal counsel to Morgan Stanley & Co. LLC and J.P. Morgan Securities LLC, the lead-left bookrunner and stabilisation agent in a landmark USD 3.1 billion concurrent offering by MakeMyTrip Limited.
The offering comprised two components:
A primary equity follow-on of 18.4 million ordinary shares priced at USD 90 per share
A USD 1.4 billion convertible senior notes offering with a 0% coupon and a 35% conversion premium
The proceeds from this raise will be used to repurchase shares from Trip.com Group, thereby significantly reducing Trip.com’s stake in MakeMyTrip and further solidifying MakeMyTrip’s strategic and operational independence.
About MakeMyTrip:
Founded in 2000, MakeMyTrip is a leading online travel company for the Indian and South Asian markets, offering a full suite of travel services including flights, hotels, vacation packages, and rail & bus bookings.
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Deal Significance:
This dual offering is the largest concurrent equity and convertible notes transaction in the Asia-Pacific region since 2022, and represents a strategic shift in MakeMyTrip’s ownership structure. It reflects strong global investor confidence in India’s fast-growing digital consumer and travel economy, particularly in a post-pandemic recovery cycle.
Shardul Amarchand Mangaldas Deal Team:
Lead Partners:
Prashant Gupta – National Practice Head
Shubhangi GargSupporting Counsel:
Senior Associate: Sandeep Singh Grewal
Associates: Aryan Gupta, Dhwanit Rathor
The firm advised on Indian legal aspects of the offering, including regulatory strategy, due diligence, transaction structuring, and disclosure compliance.
Also read: Khaitan & Co Advises TVS Capital on INR 475 Crore Series A Investment in Saarathi Finance
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Disclaimer
This article is for informational purposes only and does not constitute legal or financial advice. Readers should consult professionals before making decisions.
