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Operator
Good day, and thank you for standing by. Welcome to the MakeMyTrip Limited Fiscal 2021 Fourth Quarter and Full Year Earnings Call.
[Operator Instructions]
I would now like to hand the conference over to your speaker today, Jonathan Huang, Vice President of Investor Relations at MakeMyTrip. Please go ahead.
Jonathan Huang
Vice President of Investor Relations
Thanks, Catherine. Welcome everybody to MakeMyTrip Limited s fiscal 2021 fourth quarter and full year earnings call. I d like to remind everyone that certain statements made on today s call are considered forward-looking statements within the meaning of the safe harbor provision of the US Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance, are subject to inherent uncertainties, and actual results may differ materially. Any forward-looking information relayed on this call speaks only as of this date. Company undertakes no obligations to update information to
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MakeMyTrip raises Rs 1,458 cr through 0% interest coupon bond
By IANS| Published: 5th February 2021 8:01 pm IST
New Delhi, Feb 5 : Online travel major MakeMyTrip on Friday announced fund raising of $200 million (approximately Rs 1,458 crore) through zero per cent interest coupon bond.
The latest fund raise for the company comes at a time when the travel and tourism industry has been hit hard by the Covid-19 pandemic.
“While the travel industry is in the midst of very difficult times, we are pleased with the overwhelming response to our convertible bond offering,” Mohit Kabra, Group Chief Financial Officer, MakeMyTrip Ltd. said in a statement.
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MakeMyTrip raises $200 million through zero percent interest bond
MakeMyTrip reported a correction in the bookings during the last quarter of 2020 which had witnessed a steep fall following the pandemic and the subsequent lockdown earlier during the year. February 05, 2021 / 08:05 PM IST
Even as the travel and hospitality industry is still grappling with the effects of COVID-19, online travel agency MakeMyTrip has raised $200 million through a zero percent bond.
These bonds are ranked senior to equity as here the investor gets only the face value at maturity.
The company will be using the net proceeds for working capital among other things.
MakeMyTrip reported a correction in the bookings during the last quarter of 2020 which had witnessed a steep fall following the pandemic and the subsequent lockdown earlier during the year.
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MakeMyTrip (MMT) on Friday said it raised $200 million through a zero per cent interest coupon bond. The raise comes at a time when the travel industry is in the midst of difficult times. “This raise will bolster our cash reserves allowing us to meet the working capital requirements as business recovery gathers momentum and also pursue any investment opportunities in the growing Indian market,” said Group Chief Financial Officer Mohit Kabra. The notes offering was upsized from the previously announced offering of $175 million in aggregate principal amount of the notes. MMT has granted the initial purchasers of the notes a 30-day option to buy up to an additional $30 million in aggregate principal amount of the notes. The sale of the notes to the initial purchasers is expected to settle on February 9, subject to customary closing conditions.
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