MakeMyTrip cuts Trip.com's stake to 17%, 3 directors resign
04 Jul 2025

MakeMyTrip, the Gurugram-headquartered travel booking platform, has completed a major share repurchase from China-based Trip.com.

The move has reduced Trip.com's voting power in MakeMyTrip from 45.34% to 16.90%.

The company informed the US stock exchange about the development and said that three directors nominated by Trip.com have resigned with immediate effect after the repurchase was completed.

Trip.com's board representation reduces from 5 to 2
Board changes

The resignation of the three Trip.com-nominated directors has reduced their representation on MakeMyTrip's board from five to two.

This is in line with the Terms of Issue of Class B shares.

The company announced that it has repurchased 34,372,221 Class B shares from Trip.com Group Limited as per an amended and restated share repurchase agreement dated June 23, 2025.

MakeMyTrip's total shares outstanding post-repurchase
Share distribution

Post-repurchase, MakeMyTrip has a total of 95,383,399 shares outstanding. This includes 89,851,697 ordinary shares and 5,295,690 Class B shares.

The company also holds 236,012 ordinary shares as treasury shares.

Of these, Trip.com holds 10,773,694 ordinary shares and 5,295,690 Class B ordinary shares which gives it approximately 16.90% voting power in MakeMyTrip.

Overall structure of the board remains unchanged
Fact

Despite the changes in its board, MakeMyTrip's overall structure remains unchanged. The board will have 10 members, including three management directors and four independent directors (including one Mauritius resident director). There will also be one other Mauritius resident director and two directors nominated by Trip.com.

Resignation of 3 Trip.com-nominated directors
Director resignations

Three Trip.com-nominated directors, James Jianzhang Liang, Moshe Rafiah, and Paul Laurence Halpin, have resigned from their positions on MakeMyTrip's board.

The NASDAQ-listed company accepted their resignations with immediate effect.

In light of these changes, the board has approved the appointment of Vivek N Gour, Savinilorna Payandi Pillay Ramen, and Mohit Kabra (Group Chief Financial Officer) as directors effective July 2, 2025.