News Roundup: MakeMyTrip To Raise Up To $180M In Offering

26 May, 2011

MakeMyTrip To Raise Up To $180M In Offering – Nasdaq-listed online travel services provider MakeMyTrip Ltd and some of its shareholders are looking to issue up to 69 lakh equity shares of the company in a public offer that could raise over $180 million (nearly Rs 820 crore).  The company said it will offer a total of up to 69 lakh shares for a maximum aggregate price of $26.22 per share, aggregating up to $180,918,000. Certain shareholders are also proposing to offer and sell up to 44 lakh ordinary shares besides a fresh issue.Morgan Stanley and Deutsche Bank Securities are acting as joint book running managers of the offering and Pacific Crest Securities LLC and Oppenheimer & Co. Inc. will act as co- managers. (Economic Times)

DLF Ropes In Advisors To Re-look Hotels Biz – DLF has appointed advisers to prepare a strategy for sale of its hotel portfolio. DLF, the country’s largest real estate company according to market capitalisation, has till now focused more on selling its hotel arm, Aman Resorts, in which it bought a 97% stake in 2007 for $400 million. It had given mandate to JP Morgan and Goldman Sachs. DLF has set a divestment target of Rs 10,000 crore. The earlier target was Rs 45,000 crore. It expects to generate Rs 6,000-7,000 crore from this in the next two-three years. (Business Standard)

Emaar MGF To Sell Delhi Property To Tishman – New Delhi-based realty major Emaar MGF is learnt to be in an advanced stage of selling its under-construction 550-flat residential complex Palm Drive in Gurgaon for Rs 1,000-1,200 crore to New York-based marquee realtor Tishman Speyer. For the beleaguered Emaar MGF, a joint-venture between Dubai-based Emaar and Shravan Gupta-led MGF Land Ltd, this is a fire sale, as the company is unable to sell the flats by itself owing to the current slump in the housing market and desperrately needs money to retire part of its Rs 4,689-crore debt and improve its cash flows. (Financial Express)

GMR In Talks For Hospital JV With Mayo Clinic, Apollo – Infrastructure conglomerate GMR Group is in talks with multiple potential partners including Prathap Reddy’s Apollo Hospitals Group and US-based healthcare provider Mayo Clinic to set up a large hospital project in Hyderabad where it plans to invest close to $1 billion. GMR plans to use the surplus land it owns around the Hyderabad airport to build what could be one of the largest hospitals in Asia and wants to rope in partners of international repute for the same.  (Economic Times)

Spanish Firm Forms JV With SIS – Prosegur, the world’s second-largest private security company by market capitalisation, is forming a 49:51 joint venture with Delhi-based Security and Intelligence Services (India) to offer cash management solutions primarily to Indian banks, financial institutions and organised retail firms. The Spanish company will invest around 98 crore for 49% stake in the JV. As part of the transaction, SIS will demerge its existing cash management services business in the country into the JV firm. Later, they plan to invest up to 600 crore in the JV firm to develop the business in India. (Economic Times)

Wipro’s Paranjpe May Join E&Y – Girish Paranjpe, the former joint CEO of Wipro’s information technology business, is understood to be joining global consulting company Ernst & Young in a global role. Paranjpe resigned from Wipro in January after 21 years of service. He headed the banking, financial services and insurance division at Wipro. Paranjpe did not want to continue with the IT industry after he left Wipro. (Business Standard)

Dhanlaxmi Raises Rs 290Cr From PEs – Dhanlaxmi Bank on Wednesday announced it is looking to raise up to Rs 290.53 crore through preferential allotment of equity shares to a group of private equity and institutional investors. The bank will use the capital to support its growing business needs and expansion plans while further strengthening its capital adequacy ratio. Earlier the bank had said that it would raise up to Rs 1,000 crore in the current fiscal in order to support its business growth and expansion plans and out of this it would raise up to Rs 500 crore by May. (Business Line)

Morgan Stanley Hires Deutsche’s Dick Mody – Global investment bank Morgan Stanley is in the news for hiring Dick H Mody to head sales. Mody joins Morgan Stanley as executive director – sales and will primarily cater to European clients. He was head of equity sales at Deutsche Securities since 2008. Prior to his stint at Deutsche, Modi headed the sales effort for Morgan Stanley in the US for more than four years. (Economic Times)


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MakeMyTrip raising around $75M through fresh issue; Sierra Ventures part exiting at 10x

MakeMyTrip raising around $75M through fresh issue; Sierra Ventures part exiting at 10x

Sainul K Abudheen 3 years ago
NASDAQ-listed Indian online travel services firm MakeMyTrip Ltd (MMT) is looking to raise up to $75 million in fresh capital by selling 3 million shares,...
MakeMyTrip In $171M Share Sale; Founder, PEs Eye Part Exit

MakeMyTrip In $171M Share Sale; Founder, PEs Eye Part Exit

TEAM VCC 1 year ago
NASDAQ-listed online travel services provider MakeMyTrip Ltd is looking to raise up to $62 million through a fresh public issue of shares while some management...
China's Ctrip to invest $180M in MakeMyTrip

China’s Ctrip to invest $180M in MakeMyTrip

TEAM VCC 2 years ago
MakeMyTrip Ltd said it has signed an agreement with fellow NASDAQ-listed firm Ctrip.com International Ltd where the Chinese travel services firm will invest $180 million...
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News Roundup: MakeMyTrip To Raise Up To $180M In Offering

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