Online travel platform MakeMyTrip has secured $3.1 billion through a combination of equity and debt, according to its banker, Morgan Stanley.

In a regulatory filing, MakeMyTrip stated that it is raising $3 billion to repurchase shares from Trip.com Group, decreasing the Chinese company's ownership from 45 to 20 percent. This fundraising is the largest ever achieved by a publicly listed new-age company in India.

"The primary equity follow-on offering of 18,400,000 ordinary shares priced at $90 each, along with a five-year convertible senior note offering at zero percent coupon and a 35.0 percent conversion premium, together mark APAC's largest simultaneous offering of equity follow-ons and convertible notes since 2022," noted Kamal Yadav, managing director of investment banking at Morgan Stanley.

MakeMyTrip's co-founders, Deep Kalra and Rajesh Magow, currently possess 4.6 percent of the company's voting rights. Both co-founders are on the board, with Kalra acting as chairman. They continue to reserve the right to appoint three independent directors.

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Following the share buyback, Trip.com's stake in MakeMyTrip has been reduced from 45.34 to 19.99 percent. Their board representation has also diminished from five directors to two. This action comes a month after MakeMyTrip faced accusations of jeopardizing the travel data of Indian army personnel due to its Chinese ownership.

Nishant Pitti, the founder of competitor EaseMyTrip, alleged that three of the four key board committees at MakeMyTrip are either managed or significantly swayed by directors with evident Chinese connections.

MakeMyTrip refuted these claims as a motivated accusation. Trip.com initially invested in MakeMyTrip in January 2016, contributing $180 million in convertible bonds.

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In 2019, Trip, then known as Ctrip, acquired a 42 percent stake previously held by Naspers through a swap deal, obtaining a 5.6 percent stake in Ctrip in return.