MakeMyTrip completes share repurchase to cut China-based Trip.com’s stake

With the repurchase, Trip.com’s voting power in the travel booking platform has come down to 16.90 per cent from 45.34 per cent

New Delhi: Nasdaq-listed MakeMyTrip has completed repurchase of over 3.4 crore Class B shares held by China-based Trip.com, bringing down the latter’s voting power in the travel booking platform to 16.90 per cent from 45.34 per cent.

The Gurugram-headquartered MakeMyTrip informed the US stock exchange that three Trip.com-nominated directors have resigned with immediate effect following the completion of the repurchase, as the number of Trip.com nominated directors on its Board has been reduced from five earlier, to two pursuant to the Terms of Issue of the Class B shares.

---

The move comes against the backdrop of calls for minimising business relations with companies and investors from countries like China and Turkey, which are seen as supporters of Pakistan, following the recent India-Pakistan military conflict.

Rival travel agency EaseMyTrip’s founder Nishant Pitti had in May turned up the heat on MakeMyTrip over the alleged Chinese ownership of the latter, saying 5 out of its 10 board of directors have direct ties to China.

“On July 2, 2025, MakeMyTrip completed the repurchase of 34,372,221 Class B shares in MakeMyTrip from Trip.com Group Limited pursuant to the amended and restated share repurchase agreement dated June 23, 2025 between MakeMyTrip and Trip.com. All of the 34,372,221 Class B shares repurchased from Trip.com by MakeMyTrip have been cancelled,” MakeMyTrip informed in the filing.

Following the completion of the repurchase, MakeMyTrip has a total of 95,383,399 shares outstanding, comprising 89,851,697 ordinary shares, 5,295,690 Class B shares and 236,012 ordinary shares held as treasury shares (of which Trip.com holds 10,773,694 ordinary shares and 5,295,690 Class B ordinary shares, representing approximately 16.90 per cent of the voting power in MakeMyTrip), the company stated.

MakeMyTrip’s board of directors will continue to consist of ten members, comprising three management directors, four directors (including one Mauritius resident director) who will qualify as Independent Directors (as defined in the amended and restated investor rights agreement dated April 26, 2019 between MakeMyTrip and Trip.com), one other Mauritius resident director and two directors nominated by Trip.com.

Regarding the changes in composition of its Board, MakeMyTrip informed that three Trip.com nominated directors including James Jianzhang Liang, Moshe Rafiah and Paul Laurence Halpin have notified the board of directors of MakeMyTrip of their intention to resign as a Trip.com-nominated director with effect from the completion of the repurchase.

The board of directors of MakeMyTrip accepted their resignations with immediate effect.
The board of directors of MakeMyTrip approved the appointment of Vivek N Gour, Savinilorna Payandi Pillay Ramen and Mohit Kabra (its Group Chief Financial Officer) as directors with effect from July 2, 2025, the travel booking platform said.