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MakeMyTrip has repurchased over 3.4 crore Class B shares from China-based Trip.com, reducing the latter's voting power from 45.34% to 16.90%. Following the transaction, three Trip.com-nominated directors resigned from MakeMyTrip's board, in line with the terms of the share issue. The board now comprises ten members, including three management directors, four independent directors, one Mauritius resident director, and two Trip.com-nominated directors. New appointees include Vivek N Gour, Savinilorna Payandi Pillay Ramen, and Group CFO Mohit Kabra. With 95.38 million shares now outstanding, the move marks a significant shift in MakeMyTrip's governance structure and reduces foreign influence in the Nasdaq-listed travel platform.
Nasdaq-listed MakeMyTrip has completed the 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. Advertisement
The Gurugram-headquartered MakeMyTrip informed the US stock exchange that three Trip.com-nominated directors have 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.
Following the completion of the repurchase, MakeMyTrip has a total of 95,383,399 shares outstanding, comprising 89,851,697 ordinary shares, 5,295,690 Class B shares and 236,012 ordinary shares held as treasury shares (of which Trip.com holds 10,773,694 ordinary shares and 5,295,690 Class B ordinary shares, representing approximately 16.90 per cent of the voting power in MakeMyTrip), the company stated.
MakeMyTrip's board of directors will continue to consist of ten members, comprising three management directors, four directors (including one Mauritius resident director) who will qualify as Independent Directors (as defined in the amended and restated investor rights agreement dated April 26, 2019 between MakeMyTrip and Trip.com), one other Mauritius resident director and two directors nominated by Trip.com.
Regarding the changes in composition of its Board, MakeMyTrip informed that three Trip.com nominated directors including James Jianzhang Liang, Moshe Rafiah and Paul Laurence Halpin have each notified the board of directors of MakeMyTrip of his intention to resign as a Trip.com-nominated director with effect from the completion of the repurchase. The board of directors of MakeMyTrip accepted their resignations with immediate effect.
The board of directors of MakeMyTrip approved the appointment of Vivek N Gour, Savinilorna Payandi Pillay Ramen and Mohit Kabra (its Group Chief Financial Officer) as directors with effect from July 2, 2025, the travel booking platform said.
Source: PTI
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