Business Standard

Naspers exits MakeMyTrip, Ctrip raises stake to 49% in share-swap deal

Naspers will own about 5.6% of Ctrip's shares, while Ctrip will raise its shareholding to 49% in MMT

Deep Kalra, founder and group chief executive, MakeMyTrip

Deep Kalra, founder and group chief executive, MakeMyTrip

Aneesh Phadnis Mumbai, China's largest online travel company, has increased its stake in MakeMyTrip (MMT) to 49 per cent through a share swap deal that will see the exit of Naspers from the firm.

Based on the current market capitalisation, Ctrip’s 49 per cent ownership in the Nasdaq-listed MMT will be valued around $1.3 billion. There will be no fresh fund infusion in the company as a part of the deal.

Ctrip picked up a 9 per cent stake in MMT in 2016 with a $180-million investment. Naspers owns 40 per cent in MMT. Naspers will exchange its stake in MMT for

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First Published: Apr 27 2019 | 1:51 AM IST

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