Online travel firm MakeMyTrip to raise $200 mn through debt securities issuance
Online travel firm MakeMyTrip announced that it will raise $200 mn through the issue of senior convertible notes. This official announcement stated, "the pricing of $200 mn in aggregate principal amount of 0.00 percent convertible senior notes due 2028". The notes offering was upsized from $175 mn.
The fresh funds will be used for working capital and other general corporate purposes, MakeMyTrip said.
"While the travel industry is in the midst of very difficult times, we are pleased with the overwhelming response to our convertible bond offering. This raise will bolster our cash reserves, allowing us to meet the working capital requirements as the business recovery gathers momentum and also pursue any investment opportunities in the growing Indian market," said Mohit Kabra, CFO, MakeMyTrip.