India's MakeMyTrip completes share repurchase to trim China-based Trip.com's stake

In a move that reshapes its boardroom dynamics and corporate governance, Nasdaq-listed MakeMyTrip has completed the repurchase of more than 3.4 crore Class B shares from China-based Trip.com Group, reducing the latter’s voting power in the Indian travel booking company from 45.34% to 16.90%.

The transaction, completed on July 2, 2025, was made under an amended and restated share repurchase agreement dated June 23. The shares, 34,372,221 in total, have since been cancelled, MakeMyTrip confirmed in a regulatory filing with the U.S. Securities and Exchange Commission.

Following the repurchase, MakeMyTrip now has a total of 95,383,399 shares outstanding. This includes 89,851,697 ordinary shares and 5,295,690 Class B shares, alongside 236,012 ordinary shares held as treasury stock. Trip.com continues to hold 10,773,694 ordinary shares and the remaining Class B shares, giving it a diminished 16.90% of total voting power in the company.

As a direct consequence of this structural change, Trip.com’s board representation has also been curtailed. Three of its nominated directors, James Jianzhang Liang, Moshe Rafiah, and Paul Laurence Halpin, have resigned from MakeMyTrip’s board with immediate effect. Their exit reduces Trip.com’s board seats from five to two, in accordance with the Terms of Issue governing Class B shares.

MakeMyTrip’s board will continue to comprise ten members. This includes three management directors, four independent directors, one of whom must be a Mauritius resident, one additional Mauritius-based director, and the two remaining Trip.com nominees.

To fill the resulting vacancies, MakeMyTrip announced the appointment of three new directors: Vivek N Gour, Savinilorna Payandi Pillay Ramen, and Mohit Kabra, who also serves as the group’s chief financial officer. All appointments took effect on July 2.