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MakeMyTrip to raise additional capital through another public issue

Indian online travel company MakeMyTrip.com has said in a filing with the US Securities and Exchange Commission (SEC) that the company is raising additional round of capital through another public issue. Based on the last-traded price of the scrip, the company might raise around $43 million from the sale of fresh shares.

Indian online travel company MakeMyTrip.com has said in a filing with the US Securities and Exchange Commission (SEC) that the company is raising additional round of capital through another public issue. Based on the last-traded price of the scrip, the company might raise around $43 million from the sale of fresh shares. MakeMyTrip will use the proceeds to expand its operations, fund acquisitions, upgrade technology and for working capital.

“We intend to use the net proceeds received by us from this offering to expand our operations by acquiring or investing in strategic businesses or assets that complement our service and product offerings, to invest in enhancements to our technology, as well as for working capital and other general corporate purposes. At this time, we have not entered into any agreement or commitment with respect to any material acquisitions or investments,” the company said in the filing.

This move comes after MakeMyTrip’s shares began trading on the NASDAQ Global Market on August 12, 2010 under the symbol ‘MMYT’. Interestingly, some unnamed existing investors are offering to sell around 4.4 million shares that are worth around $120 million. However, the company has not disclosed which of its shareholders are offering the shares for sale. Leading shareholders in the company include SAIF Partners with 41.9 per cent stake, Tiger Global with 11.83 per cent, Helion Ventures with 9.77 per cent, Sierra Ventures with 6.51 per cent and the company’s promoter Deep Kalra.

Source: VCCircle

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