Document:

mmyt-ex423_1971.htm

 

Exhibit 4.23

 

 

 

HDFC BANK We understand your world Emerging Corporates Group 2nd Floor, Indian Express Building, 9-10, Bahadurshah Zafar Marg, ITO, New Delhi - 110002. March 30th, 2017 MakeMyTrip (India) Pvt.Ltd. Tower A, SP Infocity, Plot No 243 Udyog Vihar, Phase-1, Gurgaon- 122016 Subject - Sanction Letter for Renewal of Working Capital Facilities Kind Attention : Mr. Mohit Kabra/ Mr. Vikas Saini Dear Sir, We are pleased to inform you that, the bank has agreed to renew the following working cap1tal facilities to MakeMyTrip (India) Pvt. Ltd. payable on demand and subject to periodic review. 1. Borrower : MakeMyTrip (India ) Pvt. Ltd. 2. Constitution : Pvt. Limited Company 3. Directors Mr.Deep Kalra Mr. Rajesh Magow Mr.Mohit Kabra 4. Nature of the facility Working Capital facilities Sr. No Facility Sanctioned Tenor (Rs.MM) A OD against Fixed Deposits 200 .00 On demand B BG against Fixed Deposits 50.00 Upto Maximum 3 years C Corporate/Purchase Card 30.00 12 months Total Limit 280.00 5. Purpose : Facility to be used by the borrower towards Financing working capital requirements of the Business 6. Validity period : Renewable annually i.e. in Feb 2018 Of the sanction The aforesaid credit facilities are subject to the main terms and conditions (subject to change as per RBI directives I bank policies from time to time) set out in Annexure hereto which is deemed to be a part of the Cred1t Agreement Letter. The credit assistance is also subject to the conditions that are contained in the documents, which the company shall execute between and in favour of HDFC Bank. HDFC Bank based on the representations made by the Borrower and the furnishing of financial statements by the Borrower has extended these proposed facilities. The commitment to the proposed facilities is contingent upon: - Absence of any material adverse change in the condition of the borrower. - The Borrower or its associate not having defaulted under any financing obligation (w1th respect to repayment of principle, payment of interest) to any bank or institution in past - compliance by the Borrower of all material laws and regulations applicable to its operations 6 of 10 www.hdfcbank.com Regd. Office: HDFC Bank Ltd., HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai 400 013. Corporate Identity No.: L65920MH1994PLC080618 6 of 10

 

 

 

 

The Borrower fulfilling all its financial obligations under various material taxation, retiral and applicable laws prevalent from time to time. The working capital facilities are not available for Investments made in shares, debentures, advances and inter-corporate loans I deposits to other companies (including subsidiary companies). The said facilities are being extended at the sole discretion of HDFC Bank and the terms and conditions as well as pricing would be to subject to periodic review, amendment or cancellation. HDFC Bank’s Right on Default The borrower further agrees that in addition to any other right enjoyed by HDFC Bank in the event of the Borrower committing any act of default, HDFC Bank shall be entitled to disclose to the Reserve Bank of India or to any other third person, on its being called upon to do so, the name I identity of the Borrower and the fact of its having committed any act of default as aforesaid. The Borrower hereby agrees that the Bank shall have an unqualified right to disclose to the Lead Bank and I or other banks information including the credit history and the conduct of the account(s) of the Borrower, in such manner and through such medium as the Bank in its absolute discretion may think fit. The Borrower agrees that such disclosure shall not be considered to be breach of confidentiality on the part of the Bank. The above letter is valid for 30 days from the date of issue. Kindly sign on the duplicate of this Sanction Letter as a token of your acceptance to the above and return the same, along with the duly completed documentation, in order to proceed ahead. We look forward to your drawal of the proposed facilities and assure you of our best services always. Regards Thanking you. For HDFC Bank Limited. For HDFC Bank Limited Rahul Mittal Ashmita Sharma Senior Manager Deputy Vice President Emerging Corporates Group Emerging Corporates Group Rahul Mittal Senior Manager Emerging Corporates Group Ashmita Sharma Deputy Vice President Emerging Corporates Group Accepted on behalf of MakeMyTrip (India) Pvt.Ltd Name: Designation Date 7 of 10

 

 

 

 

 

Annexure I 1. Facility Over Draft (OD) 2. Proposed Lm.t Rs.200.00 MM 3. Sub-Limits NIL 4. Interchangeability N.A. 5. Tenor On demand 6. Security 100% Cash Margin in the form of Fixed Deposit Lien Marked in favor of HDFC Bank 7. Magin 8. Inventory N.A 9. Book debts N.A. 10. Interest As mutually Agreed 11. Interest payment frequency Interest shall be payable at monthly rests. Interest shall be payable on the first day of the subsequent month. 12. Interest calculation method Interest will be calculated on 365 days basis in respect of rupee loans I credit facilities 13. Penal Interest Penal interest would be levied@ 3.00 % over and above the rate as mentioned in clause 11 above for all overdues 1 delays of any monies payable (principal as well as interest). 14. Special Covenants 2. Fixed Deposit to be under auto renewal mode Annexure- II 1. Facility Bank Guarantees 2. Proposed Limit Rs.50.00 MM 3. Interchangeability - N.A. 4. Tenor - Max 36 months (including claim period) 5. Security - Fixed Deposit with lien marked in favor of HDFC Bank 6. Cash margin - Secured by 100% margin in the form of FD 7. Commission - Fully Secured BGs- 0.50% p.a. 8. Purpose Towards bid bond, security deposit, earnest money deposit, performance, advance payment, and retention money purposes. OR Customs, central excise, sales tax, electricity, insurance, contract performance purposes. 9. Beneficiaries Government, Quasi Government authorities, reputed public I private sector undertakings . 10. General - Period of BGs to be issued will be restricted to 12 months in general but 24 months for BGs to be furnished in favor of government authorities. - The bank guarantees to be issued shall be as per the format acceptable to the Bank. - In case of bid bond I EMD /advance payment I retention money guarantees stipulated under project exports, Bank will obtain counter guarantees from ECGC at the expense of the company. 8 of 10

 

 

 

 

 

If the guarantees to be issued come under EPCG scheme, bank w1ll obtain counter guarantee of ECGC at company’s expense. 12. S ec1al Covenants 1. Fixed Deposit to be under auto renewal mode. Annexure III 1. Facility Corporate/ Purchase Card of Rs. 30 Mio 2. Proposed Limit Rs. 30 MM 3. Tenor 12 months. Annually Renewable facility. The facilities will be reviewed as per the Bank’s norms 4. Schedule of Charges As per card member agreement 5. Repayment 100% of the outstanding amounts as per statement to be paid within the payment due date (PDD). No amount or a part thereof can be carried forward for payment at a later date beyond the PDD mentioned in the statement. 6. Statement On 5th of every month with 15 days grace period for payment. However for utility cards, statement would be issued every 20 days with 10 days grace period for payment. Operational terms and conditions 3 The working capital facilities are payable on demand. However the facilities are available for a period of 12 months subject to review at periodical intervals wherein the facilities may be continued I cancelled I reduced depending upon the conduct and utilization of the facilities. 4 Periodicity of submission of information to the Bank Quarterly I Annual Financial statements - Quarterly financial statements - 90 days from end of a quarter - Annual Financial statement - Provisional results to be received within 90 days after the financial year end. - Audited results to be received within 180 days after the year end. 3. Processing Fees Nil 4. Creation of Charges NA Applicable Laws Indian I Mumbai General Covenants - o Aforesaid credit facilities are subject to the main terms and conditions (subject to change as per applicable RBI guidelines and banks policies from tie to time) set out in this Credit agreement letter. The credit facilities are also subject to the conditions that are contained in the documents which the company shall execute between and in favor of the bank. • Company to avail Cash Management Collection facility from HDFC Bank Ltd subject to competitive offer. • All outlets of Make My Trip to have HDFC Bank POS machines subject to competitive offer. 9 of 10

 

 

 

 

 

• A minimum thruput of Rs 50 Cr per month to be routed through HDFC Bank payment gateway I POS Terminals subject to competitive offer. • Bank reserves the right to levy penal interest rate at 3% p.a. in the event of delay in service of interest or repayment of principal, non- adherence to any covenants, delay in submission of papers I creation of charge or any other event the bank may deem fit. • The Bank reserves an unconditional right to cancel the undrawn/unused/unavailed portion of the loan/facility sanctioned at any time during the currency of the Loan/Facility, without any prior notice to the borrower. • Please note that the facilities as mentioned in this letter are sanctioned at the sole • discretion of the bank and is recallable on demand. • This letter shall form an integral part of the Purchase Card agreement to be executed by M/s. Make My Trip India (P) Limited and shall be governed by the terms and conditions as contained in the Purchase Card agreement • Corporate Purchase Card facility would be made available on satisfactory execution of all documents and completion of security formalities, as required by the Bank as mentioned in Annexure III attached along with this letter • The privileges of the Cards may be withdrawn and I or the Cards may be temporarily cancelled by the Bank (without assigning any reasons thereof and in its absolute discretion with/without giving written notice thereof to the Corporate). The Bank may cancel/block the cards permanently by giving 30 days prior written notice to the Corporate. 10 of 10mmyt-ex424_1972.htm

 

Exhibit 4.24

 

 

IndusInd Bank Sanction No: IBL/CAD North/2017-18/0989/Addendum Date: 28.03.2018 MakeMyTrip India Private Limited UG-7, (Front Side), TDI Mall, Rajouri Garden New Delhi -110027, India Dear Sir/Madam, Re: Addendum Sanction letter With reference to our Sanction letter ref No. IBL/CAD North/2017-18/0989 dated 16.06.2017whereby the Bank has conveyed you the sanction of Credit Facility of INR 260 crores, as below, on the terms and conditions as stipulated and annexed vide Annexure along with the aforesaid Sanction letter. Facility Limits Sanctioned (Rs. in crores) Existing Revised Overdraft Limits-1 15 15 Bank Guarantees: (For operational requirements) sub limit of OD limits-1 (10) (10) Overdraft against credit card receivables of American express credit cards-2 20 20 Bank Guarantees-1 (For lATA)’ 125 165 Bank Guarantees-2 (For other airlines) (proposed as sub-limit of lATA BG-1) 15 (15) SBLC limit (sub-limit of Bank guarantee-2) (2.5) (2.5) Forex (Forwards/Options/Derivatives) Notional: Rs62.5crores MTM: Nil (for hedging IBL’s own exposure) 5 (5) Total exposure 180 200 Cash backed facilities (in addition to the above exposure) Overdraft against FD 30 30 Bank Guarantees against FD 0 30 Total cash backed 30 60 We refer to your request for modification/addition of certain terms and conditions in respect of aforesaid credit facilities and are pleased to convey you sanction of the same as follows: Rs in crore Facility Details Existing Revised Overdraft Limits-1 15 15 Bank Guarantee-3 for lATA. sub limit of OD limits-1. 0 (15) Bank Guarantees: (For operational requirements) sub limit of OD limits-1 (10) (10) Overdraft against credit card receivables of American 20 20 1 Gurgaon Office: IndusInd Bank Limited, 3rd Floor, Building No.10, Tower-B, DLF Cyber City, Phase II, Gurgaon -122 002, India. Tel: (0124) 4749500 Fax: (0124) 4749596 Registered Office: 2401 Gen. Thimmayya Road, Pune 411 001, India Tel.: (020) 2634 3201 Fax: (020) 2634 3241 Visit us at www.indusind.com CIN: L65191PN1994PLC076333 1

 

 

 

 

express credit cards-2 Bank Guarantee-4 for lATA. sub limit of OD limits-2 (0) (15) Bank Guarantees-1 (For lATA) 165 165 Bank Guarantees-2 (For other airlines) (proposed as sub-limit of lATA BG-1) (15) (15) SBLC limit (sub-limit of Bank guarantee-2) (2.5) (2.5) Forex (Forwards/Options/Derivatives) Notional: Rs62.5crores MTM: Nil (for hedging IBL’s own exposure) (5) (5) Total exposure 200 200 Cash backed facilities (in addition to the above exposure) Overdraft against FD 30 30 Bank Guarantees against FD 30 30 Total cash backed 60 60 All other terms and conditions set out in all our earlier Sanction Letters shall remain unchanged. All the securities created in favour of the Bank shall continue in full force and effect for the above Additional/amended terms and conditions also. You are requested to return a duplicate copy of this letter duly signed by you in token of your acceptance of the terms and conditions hereof. Assuring you the best of our attentions, Yours faithfully For lnduslnd Bank Limited Team Leader – Commercial Banking Induslnd Bank Limited Zonal Head – Commercial Banking Accepted the above terms and conditions. We hereby confirm execution of the facility and security documents executed in favour of Bank and confirm that the securities created there under will continue for the above renewed facilities Borrower: For Make My Trip (India) Pvt. Ltd. Authorised Signatory Accepted the aforesaid Terms and Conditions Guarantors – For Make My Trip Ltd Authorised Signatory 2

 

 

 

 

Term Sheet of the proposed facilities: Type of Facility Bank Guarantee -3 for lATA As a sub-limit of Overdraft facility of Rs.15 crores) Nature Financials/ Performance Guarantees Limit Rs.15 crores. Purpose To be submitted to lATA for guarantying the payment obligations. Period of Sanction 12 months Cash Margin Nil Commission 0.15% p. a. plus applicable taxes. Tenor (including claim period) 18 Months including claim period (In case of guarantees exceeding 18 months Bank has the right to call for such guarantees to be covered by full cash margin from 19th month onwards) Primary Security Exclusive charge over all the assets of the company excluding vehicles which are purchased or will be purchased by the Company under hypothecation to the financing Bank(s). Guarantees Corporate Guarantee of MakeMyTrip Limited. Other Terms Deferral: Documents to be obtained within 30 days of disbursement. Board resolution, accepted sanction letter and counter guarantee to be obtained upfront. Special Covenants For Bank Guarantee: - A separate Counter Guarantee of the company is to be submitted prior to issue of each Bank Guarantee, unless an omnibus counter guarantee has been submitted. - The Bank will not normally issue any guarantee that: o Does not contain a clause limiting the liability and the period for honoring claims, in a form approved by the Bank o Contains any onerous clause or places a undue liability, or is required in a format not acceptable to the Bank. o Requires the Bank to automatically renew I extend the guarantee o Relates to performance of an obligation not related to borrower’s normal business o Purports to guarantee direct/indirect borrowings. This does not apply to ‘Advance Payment Guarantees’ in connection with contract execution. o The Bank has not received, to its satisfaction, documentary evidence of the underlying obligation and of the Borrowers ability to fulfill the same. - Payment will be made on an invoked Bank Guarantee, immediately on receipt of a valid claim, under intimation to you, by debit to your operative cash credit/ current account, for which you are obliged to make good the funds, forthwith. - The company and the guarantor shall undertake to provide full margin if the Bank does not want to renew the guarantee. In case of BGs issued for more than 18 months validity, the Bank has right to demand 100% cash margin in deposit, after the expiry of 18 months. - The Bank, may at its discretion permit issue of guarantees on behalf of your Wholly owned SPVs/ JV entities where you hold substantial interest: 3

 

 

 

 

A Board Resolution stating, "the Borrowers are responsible for any risk and liability arising out of the BGs issued on behalf of the SPV/ JVs/ consortia and the securities offered by the company can be appropriated towards such liabilities. o A request letter from the company authorizing the Bank to issue the BG on behalf of consortium, from out of the limit sanctioned to the borrower. o BGs on behalf of consortium/JVs will be issued only after approval of such consortium arrangements (names, capabilities, liabilities, etc of foreign and Indian partners) o A counter guarantee authorized by a Board resolution from the subsidiary/ JV entity, if required. - The borrower should submit a quarterly certificate from a practicing CA I statutory auditor that all payments I settlements to lATA were done promptly, supported by details of instrument and proof of payment to lATA (Bank statement), listing out delays, beyond 3 days if any. Also no certificate is required if payment has been made through lnduslnd Bank Account. - The company/ Borrower should undertake to inform the Bank immediately, by means of a special letter, in case of any adverse event as regards performance of the underlying obligation such as claims, counterclaims, dispute, cost and time overruns Court I Arbitration proceedings and the like. Type of Facility Bank Guarantee -4 for lATA As a sub-limit of Overdraft facility of Rs.20 crores) Nature Financials/ Performance Guarantees. Limit Rs.15 crores. Purpose To be submitted to lATA for guarantying the payment obligations. Period of Sanction 12 months Cash Margin Nil Commission 0.15% p. a. plus applicable taxes. Tenor (including claim period) 18 Months including claim period (In case of guarantees exceeding 18 months Bank has the right to call for such guarantees to be covered by full cash margin from 19th month onwards) Primary Security Exclusive charge over all the assets of the company excluding vehicles which are purchased or will be purchased by the Company under hypothecation to the financing Bank(s). Guarantees Corporate Guarantee of MakeMyTrip Limited. Other Terms Deferral: Documents to be obtained within 30 days of disbursement. Board resolution, accepted sanction letter and counter guarantee to be obtained upfront. Special Covenants For Bank Guarantee: A separate Counter Guarantee of the company is to be submitted prior to issue of each Bank Guarantee, unless an omnibus counter guarantee has been submitted. The Bank will not normally issue any guarantee that: o Does not contain a clause limiting the liability and the period for honoring claims, in a form approved by the Bank o Contains any onerous clause or places a undue liability, or is required in a format not acceptable to the Bank. o Requires the Bank to automatically renew I extend the guarantee o Relates to performance of an obligation not related to borrower’s normal business 4

 

 

 

 

Purports to guarantee direct/indirect borrowings. This does not apply to ‘Advance Payment Guarantees ‘ in connection with contract execution. o The Bank has not received, to its satisfaction, documentary evidence of the underlying obligation and of the Borrowers ability to fulfill the same. - Payment will be made on an invoked Bank Guarantee, immediately on receipt of a valid claim, under intimation to you, by debit to your operative cash credit/ current account, for which you are obliged to make good the funds, forthwith. - The company and the guarantor shall undertake to provide full margin if the Bank does not want to renew the guarantee. In case of BGs issued for more than 18 months validity, the Bank has right to demand 100% cash margin in deposit , after the expiry of 18 months. - The Bank, may at its discretion permit issue of guarantees on behalf of your Wholly owned SPVs/ JV entities where you hold substantial interest : o A Board Resolution stating , "the Borrowers are responsible for any risk and liability arising out of the BGs issued on behalf of the SPV/ JVs/ consortia and the securities offered by the company can be appropriated towards such liabilities. o A request letter from the company authorizing the Bank to issue the BG on behalf of consortium, from out of the limit sanctioned to the borrower. o BGs on behalf of consortium/JVs will be issued only after approval of such consortium arrangements (names, capabilities, liabilities, etc of foreign and Indian partners) o A counter guarantee authorized by a Board resolution from the subsidiary/ JV entity, if required. - The borrower should submit a quarterly certificate from a practicing CA I statutory auditor that all payments I settlements to IATA were done promptly, supported by details of instrument and proof of payment to lATA (Bank statement), listing out delays, beyond 3 days if any. Also no certificate is required if payment has been made through lnduslnd Bank Account. - The company/ Borrower should undertake to inform the Bank immediately, by means of a special letter, in case of any adverse event as regards performance of the underlying obligation such as claims, counterclaims, dispute, cost and time overruns Court I Arbitration proceedings and the like.5

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