Trip.com (TCOM) announced that the company has entered into a share repurchase agreement with MakeMyTrip Limited, an investee of the company, to sell a portion of the Class B ordinary shares that the Company holds to MakeMyTrip for cancellation. This is part of the company’s efforts to optimize its investment portfolio and enhance shareholder returns. Following completion of the proposed repurchase, the company will remain the largest minority shareholder of MakeMyTrip and continue to support the growth of MakeMyTrip. To fund the proposed repurchase, MakeMyTrip launched an offering of convertible senior notes pursuant to Rule 144A under the U.S. Securities Act of 1933 and a concurrent underwritten public offering of ordinary shares. In connection with the offerings, the company has agreed to a lock-up period of 180 days with customary exceptions.
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