MakeMyTrip to raise $330 m

Online travel firm MakeMyTrip has decided to raise $330 million through private placement of its shares, and by selling shares to some of its existing shareholders.

 The company has entered into definitive share purchase agreements for the placement of its ordinary shares, which is expected to generate gross proceeds of $165 million. Under the terms of the share purchase agreements for the placement, the company will issue 45,83,334 ordinary shares in the aggregate to investors at a price of $36 per ordinary share, MakeMyTrip said.

 Simultaneously with the placement, MakeMyTrip also entered into share purchase agreements with Ctrip.com International for the issuance of its ordinary shares to Ctrip and MIH Internet SEA, a subsidiary of Naspers, for the issuance of Class B convertible ordinary shares to MIH, which will generate an additional $165 million of gross proceeds for the company.