MakeMyTrip Limited has issued a Repurchase Right Notice for its 0.00% Convertible Senior Notes due 2028, giving holders the right to require the company to repurchase the notes on February 15 2026. The notice allows noteholders to tender the notes in integral multiples of US$1,000, with the repurchase price set at 100% of the principal amount.
As of January 12 2026, the company had US$230 million of these notes outstanding. The exercise period for the right runs from January 12 to February 12, 2026, after which the right expires. Because the notes carry no interest, the repurchase at par represents a straightforward cash outflow to eliminate the liability.
MakeMyTrip’s capital‑allocation strategy includes a June 2025 capital raise of US$3.1 billion, which was primarily used to reduce the stake of its Chinese investor, Trip.com Group, from 45.34% to about 16.90%. The company has also announced a US$200 million share buyback program, although details of that program are limited and it appears to be a separate initiative from the larger Trip.com stake reduction.
The repurchase of the convertible notes will reduce MakeMyTrip’s debt load and improve its balance‑sheet strength. By paying US$230 million to retire the notes, the company eliminates a liability that has not incurred interest, thereby improving leverage ratios and freeing cash that can be deployed toward growth initiatives or other strategic priorities.
A prior repurchase offer for the same notes, which expired on February 13 2024, saw no noteholders tender the notes. The current offer, with a more favorable exercise window and the backing of a recent capital raise, may be more attractive to holders, potentially leading to a higher uptake than the previous attempt.
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