MakeMyTrip Limited Announces Completion of the Repurchase Right Offer for Its 0.00% Convertible Senior Notes due 2028

Rhea-AI Summary

MakeMyTrip Limited (NASDAQ: MMYT) completes repurchase offer for its Convertible Senior Notes due 2028 with no noteholders exercising their repurchase right.

Insights

Financial Analyst

The completion of the repurchase right offer by MakeMyTrip Limited without any noteholders exercising their repurchase rights is a noteworthy event for stakeholders. The lack of participation indicates a potential confidence among investors in the company's future prospects. Holding onto the 0.00% Convertible Senior Notes suggests that investors may anticipate the notes to be more valuable as a conversion option into equity, rather than taking the repurchase opportunity. This could be due to expectations of an increase in the company's stock price, which would make the conversion to equity advantageous compared to the current value of the notes.

Moreover, the absence of repurchases could improve the company's financial flexibility by reducing potential cash outflows that would have occurred if noteholders had opted for repurchase. This event may also reflect on the company's creditworthiness and the market's view of its risk profile. For future financial planning, the company can now consider the capital structure as stable in the short-term, without the immediate obligation to allocate funds for repurchases.

Market Research Analyst

The travel industry in India has been on a recovery trajectory post-pandemic and MakeMyTrip, being a prominent player, stands to benefit from this upward trend. The noteholders' decision to retain their convertible notes could be interpreted as a signal of anticipated growth in the sector. It's essential to consider the broader economic factors, such as increased travel demand, digital adoption and a growing middle class that could drive the company's performance.

From a market perspective, this outcome may be perceived positively by the market, potentially influencing the company's stock performance. Stakeholders should, however, remain vigilant about the company's ability to manage its debt and the impact of macroeconomic factors on the travel industry, which can be highly sensitive to economic cycles and consumer discretionary spending.

GURUGRAM, India--(BUSINESS WIRE)-- MakeMyTrip Limited (“MakeMyTrip” or the “Company”) (NASDAQ: MMYT), a leading travel service provider in India, today announced that it has completed its previously announced repurchase right offer relating to its 0.00% Convertible Senior Notes due 2028 (CUSIP No. 56087F AB0) (the “Notes”). The repurchase right offer expired at 11:59 p.m. Eastern Time, on Tuesday, February 13, 2024. None of the noteholders exercised their repurchase right, and no Notes were surrendered for repurchase.

Materials filed with the SEC will be available electronically without charge at the SEC’s website, http://www.sec.gov. Documents filed with the SEC may also be obtained without charge at the Company’s website, https://investors.makemytrip.com/investors/financials.

About MakeMyTrip Limited

MakeMyTrip Limited is India's leading travel group operating well-recognized travel brands including MakeMyTrip, Goibibo and redBus. Through our primary websites www.makemytrip.com, www.goibibo.com, www.redbus.in, and mobile platforms, travellers can research, plan and book a wide range of travel services and products in India as well as overseas. Our services and products include air ticketing, hotel and alternative accommodations bookings, holiday planning and packaging, rail ticketing, bus ticketing, car hire and ancillary travel requirements such as facilitating access to third-party travel insurance, visa processing and foreign exchange.

We provide our customers with access to all major domestic full-service and low-cost airlines operating in India and all major airlines operating to and from India, a comprehensive set of domestic accommodation properties in India and a wide selection of properties outside of India, Indian Railways and all major Indian bus operators. For more information, visit https://www.makemytrip.com/about-us/company_profile.php.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240215868383/en/

For investor and media inquiries, please contact:

MakeMyTrip Limited

Investor Relations

Tel: 1-800-962-4284 (Toll Free US); 781-575-3120 (Outside of US)

Email: vipul.garg@go-mmt.com

Source: MakeMyTrip

Source: MakeMyTrip Limited

FAQ

What is the recent announcement made by MakeMyTrip Limited (MMYT)?

MakeMyTrip Limited announced the completion of its repurchase right offer for its 0.00% Convertible Senior Notes due 2028 with no noteholders exercising their repurchase right.

When did the repurchase right offer expire for MakeMyTrip Limited (MMYT)?

The repurchase right offer expired at 11:59 p.m. Eastern Time on Tuesday, February 13, 2024.

Where can documents filed with the SEC be accessed for MakeMyTrip Limited (MMYT)?

Documents filed with the SEC can be accessed electronically without charge at the SEC’s website or at the Company’s website.