Document:

mmyt-ex421_1142.htm

Exhibit 4.21

 

 

 

AXISB/WBG/NORTH/MNC/2020-21/126 December 19,2020 IBIBO Group Private Limited Tower B, DLF Building no.5, DLF Cyber city, DLF Phase 2, Sector 24, Gurugram, Kind Attn: Mr. Vikas Saini Dear sir, Re: Sanction of Credit Facilities With reference to your request and subsequent discussion, we are pleased to convey the sanction of working capital limit as per the details in the Annexure and below: facility limit (Rs in Crs) overdraft (OD) 14.00 Total Working Capital 14.00 Total 14.00 The detailed terms and condition of the sanction are mentioned in the Annexure attached with this letter. We request you to return the duplicate copy of this sanction letter duly signed by the authorized signatories of the company, in token of your acceptance of the sanction to our Corporate Credit Service Unit (CCSU), Gurgaon. Also acceptance for authorizing Axis Bank to debit the processing fee and other charges/fees as mentioned in this sanction letter from your operative maintained with Axis Bank Ltd. Assuring you of our best services always yours faithfully, Surbhi Sardana RM - WBCG(MNC) Sameer Gard SVP & Group head north -WBCG(MNC) Copy to: Sumit Sunny, DVP(#7838866535, sumit.sunny@axisbank.Com), Axis Bank Limited Corporate Credit Service Unit (CCSU) DSS No.77, 1st Floor HUDA Market Sector 40 Gurugaon-122003 CRG: NEG: WBCG-MNC, Axis house, Tower 4,4th Floor, Sector 128, Noida 201304 Registered Address: “Trishul”-3rd Floor, Opp, Samartheswar Temple, Near law garden Ellisbridge, Ahmedabad-380006. Telephone No.:079-26409322 Fax No.:079-26409322 CIN: L65110GJ1993PLC020769 Website: www.axisbank.com Company Seal 

 

 

 

 

Annexure - Terms and Conditions Borrower IBIBO Group Private Ltd (IBIBO) Sponsor MakeMyTrip Limited, Mauritius (MMYT) Limit Rs 14.00 Crores Facility Overdraft 1. Purpose For routine WC purpose 2. Margin Nil 3. Interest 1M MCLR + 1.50% (presently 8.75% p.a.), payable at monthly intervals. The benchmark 1M MCLR would be as prevalent on the date of the1st disbursement and would be reset every 1 month. The spread of 1.50% would remain unchanged during the tenor of the facility. 4. Repayment On Demand with 1 day notice 5. Security 70% Cash Margin in the form of fixed Deposit of the Bank, with Bank's lien noted thereon. Lien shall be marked on the FD till such time as the obligation under overdraft facility is fully satisfied. FD tenor (including renewal instructions) to be equal to or greater than facility tenor. 6. Tenor 12 months from the date of sanction 7. Penal Interest a) In the event of non-payment of overdraft / interest, penal interest at 2% p.a. on overdue amount will be charged. b) In the event of expiry of working capital limits, penal interest of 1% p.a. on the outstanding amount of credit facilities will be applicable. c) In the event of non creation of security within stipulated timelines, penal interest of 1% p.a. on the outstanding amount of Fund-Based credit facilities will be applicable for the period of default. The Bank reserves the right to stop operations in the account on expiry of the sanctioned limits. 8. Special condition Limit utilisation will be restricted to 70% of the sanction limit till the following conditions on half yearly basis are met: (1) Profitable at PAT level (2) TOL/ TNW < 1.0 Prior approval of Axis Bank will be required for release of the balance limit This will be checked by a certificate submitted by the company certified by CA or on basis of audited financial statement. 9. Other covenants The borrower will place its proportionate banking business with the Bank. Other Terms and Conditions: 1. Processing Fee NIL 2. Commitment Fee NIL 3. Validity of Sanction The sanction shall be valid for acceptance upto 15 days from the date of sanction. 4. Interest Reset / Spread Reset The Bank reserves the right to alter the Interest rate or the spread or the interest reset date upon occurrence of any of the following: i. RBI enhancing the standard provisioning requirements/risk weightage for banking assets; or ii. downward revision in the credit rating of borrower/guarantor/security provider by a Credit Rating Agency and/or internal ratings; or iii. occurrence of an Event of Default as defined in the facility document; or Company Seal

 

 

 

 

iv. changes in externally prevailing directive of regulatory authorities/RBI. In the event the interest reset is not acceptable, the borrower shall have the option to prepay the entire amounts outstanding under the Facility within 15 days from the reset date without prepayment premium. 5. Interest Calculation The interest per annum shall accrue and be calculated for 365 Days, irrespective of leap year. 6. Security Creation Timeline Security creation and perfection shall be completed prior first disbursement Filling of charge with ROC 7. The borrower shall utilise the facility for the purpose for which it is sanctioned. Borrower shall not utilise the facility for Extending loans to subsidiary companies/associates or for making inter-corporate deposits. 8 Borrower/Obligor shall: i. maintain operative account with our bank; ii. maintain proper books of account; iii. keep the Bank informed of the happening of any event which is likely to have an material impact on their business and the remedial steps proposed to be taken; iv. pay the charges as per the banks standard schedule of charges for various services rendered by the Bank and as communicated to the Borrower. 9. Restricted payment: The borrower shall not declare divided for any year except out of profits of the current year and subject to no default in payment/repayment obligation to the bank and prior written approval of the bank being obtained. 10. Borrower/obligor shall not, without the prior written approval of the bank: i. wind up/liquidate its affair or agree/authorize to settle any litigation/arbitration having a material adverse effect; i. encumber it’s assets except where the new charge if created will be on pari passu basis, ii. dispose its charged assets other than as permitted by the bank in writing. Borrower/obligor shall inform the bank: i. enter into any merge/amalgamation etc or do a buyback; ii. change the general nature of its business or undertake any expansion (over and above as declared in the projection during current sanction) or invest in any other entity; iii. any change in its ownership/control/management (including by pledge of promoter/sponsor shareholding in the borrower to any third party)/beneficial owner or enter into arrangement whereby its business/operations are managed or controlled, directly or indirectly, by any other person. unlisted borrower shall submit yearly certificate to confirm compliance of the same. iv. make any amendments to it’s constitutional documents; v. avail any loan; and/or stand as surety or guarantor for any third party liability or obligation; and/or provide any loan or advance to any third party, save and except a required in normal business operations vi. pay any commission, brokerage or fees to its promoters/directors/guarantor/security providers; 11. Assignment: the bank shall have right to sell or transfer whole or part of the facility to any person/entity under such terms and conditions as the bank may decide in the sole discretion without consent of, or prior intimation to, the borrower/obligors. 12. Set-off: the bank shall have the right to settle any indebtedness owed by the borrower to the bank under any document/agreement, by adjusting, setting off any deposit(s) and/or transferring monies lying to the balance of any account(s) held by the borrower with the bank without giving prior notice to the borrower. The bank’s hereunder shall not be affected by the borrower’s bankruptcy, death or winding-up. 13. Financial information: the borrower shall provide the bank provisional financial statements within 65 days of the year-end and audited financial statement within 7 months of financial year end. Company Seal

 

 

 

 

14 limits cancellation clause: The bank shall have an unconditional right to cancel the undrawn/unavailed/unused portion of the facility at any time during the subsistence of the facility, Without any prior notice to the borrower, for any reason whatsoever. In the event of any such cancellation, all the provisions of this sanction shall continue to be effective and valid and the borrowing shall repay the facility in accordance with the terms of this sanction. 15 Documentation: Bank’s standard documents 16 regulatory Conditions: a. under no circumstances shall the facility be utilised for subscription to or purchase of share/debentures/any speculative purposes/activities not eligible for bank credit as per RBI guidelines. b. The lender does not have an obligation to meet further requirements of the borrowers on account of growth in business etc without proper review of credit limits. c. The borrower shall submit information as required vide RBI circular DBOD.no. BP. BC. 94/08.12.001/2008-09 dated December 8, 2008 in Annexure I and Annexure III. d. UFCE: The borrower shall provide the unhedged foreign currency exposure (UFCE) certificate on a quarterly basis. e. Beneficial Ownership Declaration: The borrower shall provide an undertaking w.r.t to declaration of beneficial owner in line with the RBI guidelines. [Note: Refer RBI circular RBI/2012-13/385 DBOD.AML.BC.No. 71/14.01.001/2012-13 dated 18th Jan 2013] f. willful defaulter: The Borrower shall not induct a person identified as willful defaulter by RBI or CIBIL or any other authorised agency as it's director/senior officer/partner/member/trustee and shall take expeditious and effective steps for removal of such person if so Inducted. g. Disclosure: The Bank shall be entitled to disclose all Information relating to the Borrower to Credit Information Companies ("CIC") authorised by RBI and/or any other person. Any CIC and any other agency so authorised may use, process the said information and data disclosed by the Bank in the manner as deemed fit by them to other banks /financial institutions / credit providers and the Borrower shall not hold the bank liable in any manner for use of such information. h. Connected Lending Undertaking: The borrower shall undertake that i) None of the directors of Axis Bank or relatives of directors (as defined in the RBI Master Circular-Loans and Advances-Statutory and Other Restrictions) is a director / partner, manager, managing agent, employee or guarantor of the borrower or of a subsidiary of the borrower or of the holding company of the borrower and that none of them hold substantial interest in the borrower or its subsidiary or its holding company. ii) to the best of the borrower's knowledge none of the directors of any other bank or the subsidiaries of the banks or trustees of mutual funds / venture capital funds set up by the banks or their relatives as defined in the RBI Master Circular - Loans and Advances - Statutory and Other Restrictions is a director / partner, manager, managing agent, employee or guarantor of the borrower and that none of them holds substantial interest in the borrower. iii) to the best of the borrower's knowledge none of senior officials of the bank or the participating banks under consortium or their relatives as defined in the RBI Master Circular - Loans and Advances- Statutory and Other Restrictions is a director / partner, or guarantor or members of HUF of the borrower and that none of them holds substantial interest in the borrower. In case it any of the above stated declarations is breached, the borrower shall inform the bank immediately. In case of non-compliance with the undertaking or giving wrong undertaking in relation to Connected Lending, at any time during the currency of loan, the bank reserves the right to recall the loan immediately. Company Sealmmyt-ex422_1141.htm

Exhibit 4.22

 

 

Registered Address 293, Dr. D.N. Road, Fort, Mumbai-400001. T+912226532160 F+912226532215 www.citibank.co.in FCRN No: F00471 Citibank N.A. December 10th, 2020 MAKEMYTRIP (INDIA) PVT LTD 19th Floor, Epitome Building No. 5, DLF Cyber City, DLF Phase III, Gurugram-122002, Haryana Dear Sir, Re: Credit Facilities with Citibank, N.A. We are pleased to write that Citibank, N.A (“Bank”) is Willing to consider making available facilities (“Facilities”) to MAKEMYTRIP (INDIA) PVT LTD (“Borrower”), as stated below: 1 Borrower MAKEMYTRIP (INDIA) PVT LTD 2 Purpose Fund to be used by the Borrower for financing its Working Capital requirements 3 Principal Amount INR 207 Million (INR Two Hundred and Seven Million) 4 Facilities NATURE OF FACILITIES AMOUNT REPAYMENT/TENOR COMMERCIAL CARD 165.6 45 DAYS COMBINED CREDIT 41.4 60 DAYS The Borrower maybe permitted to book forwards/other derivatives with the Bank at latter’s sole discretion for which an amount out of above Facilities shall be earmarked as per the internal norms of the Bank Annual renewal of the facilities is due on or before 15-March-2021 5 Fees/Commissions As Mutually agreed, from time to time. 6 Interest Rate & Payment The Borrower shall pay interest to Bank on Facilities advanced and outstanding from time to time at mutually agreed such rates of interest as may be agreed upon (exclusive of applicable interest tax). The abovementioned interest shall be paid with monthly rests on the last date of each month in each year, or at such other rests as determined by the Bank. PROVIDED that the Bank shall at an y time or from time to time be entitled to change the rate of interest specified above based upon relevant circumstances, including market conditions and notify such changes to the Borrower. 7 Additional Interest Rate & Prepayment charges charged @ 4.00 % p.a. over the derived under (6) above on overdues delays/default in payment of any monies. Prepayment penalty at the rate of 2% of principal, subject to mutual agreement between borrower and Bank. 8 Stamp Duties/Levies Legal Expenses All Stamp duties and other present and future levies/cesses/duties are to be borne by the Borrower. All other costs/legal expenses including for valuation and title search to be borne by the Borrower. All taxes, duties and levies as applicable to a specific transaction are to be borne by the Borrower. Citibank N.A. a National Banking Association formed under the laws of the United States of America with Limited Liability

 

 

Registered Address 293, Dr. D.N. Road, Fort, Mumbai-400001. T+912226532160 F+912226532215 www.citibank.co.in FCRN No: F00471 Citibank N.A. 9 Security Demand promissory note and latter of continuity. Drawing power will be calculated as per the internal guidelines of the Bank. No drawing power will be assigned to receivables from group entities. 10 Insurance Not Applicable 11 Conditions a) Quarterly stocks and book debts statements along with information on Sales, creditors, and balance outstanding with other banks to be received by the Bank within 30 days after month end in the format specified by the bank. b) Quarterly performance statements (QMS 1 & 2 to be received by the Bank within 90 days after quarter end). c) Annual Financial statement to be received within 30 days after the finalization of Audited financials. d) Please note that the Bank has a right to inspect the premises on a prior notice of 7 days to the borrower. e) In accordance with the Bank’s policy, the Facilities, if made available, are subject to the Bank’s satisfaction as to circumstances deemed relevant by the Bank. f) The Facilities may, without prior notice, be modified or canceled, in whole or in part, at the Bank’s sole discretion, whereupon all outstanding amounts owing under the facilities shall become immediately due and payable within 30 days,. g) The company shall also comply with following covenants to be tested on Quarterly financials of Makemytrip Limited (parent entity). The group to maintain at all times sufficient unencumbered cash balances as per Citibank assessment and shall met the Citibank internal ratios/benchmark. The company to provide to the bank’s requirement. Cash burn=Loss from operation+ESOP+Depreciation/Amortisation Internal ratios to be adhered too are- 1. Remaining liquidity >1.5x 2. Liquidity to facility at maturity>1x Definition Remaining liquidity=Total unrestricted cash/Projected cash burn for 12months. Liquidity to facility at maturity=Total unrestricted cash-projected cash burn for 12months/Weighted Facilities (1.2x of total uncommitted facilities/1.5x of total committed facilities across all banks). Citibank N.A. a National Banking Association formed under the laws of the United States of America with Limited Liability

 

 

Registered Address 293, Dr. D.N. Road, Fort, Mumbai-400001. T+912226532160 F+912226532215 www.citibank.co.in FCRN No: F00471 Citibank N.A. 12 Documentation In order avail of, and prior to utilization of, the Facilities, the Borrower will, at its costs, be required to furnish, in a form and manner acceptable to the Bank. The Following: 1. Acceptance of all conditions herein, under the hand of the Borrower’s deed 3. Board resolution/partnership authority letter authorizing the borrowing 4. Demand Promissory Note and Letter of Continuity 5. Duly signed and executed loan/credit agreements and other documents for creation of hypothecation towards securing the Facilities as required by the Bank, in a form and manner acceptable to the Bank. 6. borrowing limits and facilities availed of an/or intended to be availed of by the Borrower with other Banks; 7. No-objection letters from other bankers to the Borrower or other appropriate communication to avail these Facilities, as applicable. Other Conditions:1) These Facilities have been sanctioned on the assumption that Citibank, N.A. would be the one of the multiple banks in the banking arrangement. Consequently, transactions of the Borrower, at least, in proportion to Citibank, N.A.’s share would have to may be routed through the Bank. II) The Bank based on representations made by the Borrower and the furnishing of financial statements by the Borrower, is considering extension these proposed Facilities. The Bank’s final decision to lend and advance the Facilities to the Borrower will, inter alia, be contingent upon the following conditions being complied with during the entire Tenor of the Facility being so lent and advanced by the Bank to the Borrower: Satisfactory site visit and satisfactory reference check from existing bankers/lenders The absence of any material adverse change in the condition of the Borrower (where ’material adverse change’ shall mean any event which, in the reasonable opinion of the Bank, is prejudicial to the interest of the Bank or is likely to materially affect the financial condition of the Borrower or its ability to perform all or any of its obligations of the Facilities).The Borrower or its affiliate not having defaulted under any financing obligation to any bank/funding agency in the past All borrowings by the Borrower would be notified within 15 days to the bank. The Borrower will notify within 15 days regarding issuance of guarantee of any kind except in ordinary course of business Borrower shall offer the terms of the Facilities being at least on par with all outstanding and future debt obligations of the Borrower. Bank may accept or reject the same III) The proceeds of the Facilities are not to be utilized by the Borrower for investments in shares, debentures, advances and inter-corporate loans/deposits companies (including subsidiary and other group companies) and on lending to the directors/promoters/partners Disclosure of Information: The Borrower accept, confirms and consents for the disclosure and sharing by the bank of all or any information and data relating to the Borrower, the Facilities, any other transactions that the Borrower has with the Bank, the Borrower’s account, and the agreement and documents related to the Facilities and transactions, including but not limited to information relating to default, if any, committed by the Borrower, Citibank N.A. a National Banking Association formed under the laws of the United States of America with Limited Liability

 

 

Registered Address 293, Dr. D.N. Road, Fort, Mumbai-400001. T+912226532160 F+912226532215 www.citibank.co.in FCRN No: F00471 Citibank N.A. In the discharge of the Borrower’s obligations in relation to the Facilities or other transactions, as the Bank may deem appropriate and necessary to disclose and furnish, to the Reserve Bank of India (“RBI”) and/or to the Credit Information Bureau (India) Ltd and/or to any other agency or body as authorized in this behalf by RBI, to other banks and lenders including assignees and potential assignees, to its professional advisers and consultants and to its service providers, at the order of a court of law, or at the request or order of any statutory, regulatory or supervisory authority with whom it customarily complies. The Borrower undertakes and covenants that it shall provide all information, including information regarding other credit facilities enjoyed by the Borrower, as and when required by the Bank. The Borrower declared that the information furnished to the Bank from to time to time is and shall be true and correct. The Borrower: (a) accepts that the RBI or the Credit Information Bureau (India) Ltd. And any other agency so authorized, any statutory, regulatory or supervisory authority or other lenders, may use, process, disseminate the said information and data disclosed by the Bank in such manner as deemed fit by them in any particular circumstances; and (b) shall not hold the bank at all responsible or liable in this regard. Bank’s service providers: It is accept by the Borrower, that without prejudice to any right of the Bank, all acts/steps as are necessary for the Bank to take in order to monitor the facilities and utilization thereof and/or the obligations of the Bank or any part or portion thereof, shall and/or may be carried out by and/or through such other person (including a company or body corporate) as may from time to time be appointed by the Bank in respect thereof and that the bank will at all times be entitled to share with any such other person that may thus be appointed by the bank, all documents statements of accounts and other information of whatsoever nature pertaining to the Borrower and/or the Facilities. Further, the Borrower expressly recognises and accepts that Bank shall, without prejudice to its rights to perform such activities either itself or through its officers or servants, be absolutely entitled and have full power and authority to appoint one or more third parties of the Bank’s choice and to transfer or delegate to such third parties the right and authority to collect on behalf of the bank all unpaid amounts and to perform and execute all acts. Deeds, matters and things connected therewith or incidental thereto including attending the office or residence of the Borrower. Receiving the amounts due, and generally performing all lawful acts as the third party may consider appropriate for such purposes. The sanction of the Facilities is further subject to execution/furnishing of all documentation specified above. in a form and manner acceptable to the Bank. Failure to comply with the above requirement would terminate this proposal. It is clearly understood that this Letter does not obligate the Bank to enter into any further agreement and/or to provide the Facilities, and any such obligation shall be contingent upon the Borrower executing final definitive transactional documents for the Facilities to the satisfaction of the of the Bank and delivering the same to the Bank, within such time as stipulated thereof by the Bank. This letter does not constitute an offer by the Bank and is merely an expression of interest. The proposal is subject to continuing internal approvals of the Bank, including credit, taxation, regulatory, and legal approvals. The Bank may, at its sole discretion and without requiring to provide any reasons for the same, cancel, suspend, modify or otherwise change the terms of the proposed Facilities. If the Borrower is agreeable to the above proposal, the Borrower may accept this in-principle sanction letter by signing on a Citibank N.A. a National Banking Association formed under the laws of the United States of America with Limited Liability

 

 

Registered Address 293, Dr. D.N. Road, Fort, Mumbai-400001. T+912226532160 F+912226532215 www.citibank.co.in FCRN No: F00471 Citibank N.A. copy of this letter and returning it to the Bank on or before 60 Days, together with a certified true copy of the Borrower’s Board of Directors’ resolution authorizing its officer/s to execute and deliver acceptance hereof. The sanction of the Facilities is subject to execution/furnishing of all documentation specified in clause II above, in a form and manner acceptable to the Bank, on or before 60 Days. Failure to comply with the above requirement would terminate this offer. It is clearly understood that this letter does not obligate the Bank to enter into any further agreement and/or to provide the Facilities, and any such obligation shall be contingent upon the Borrower executing final definitive documents for the satisfaction of the Bank and delivering the same to the Bank, within such time as stipulated therefore by the Bank. Without prejudice to the generality of the foregoing, the Bank may, at its sole discretion and without requiring to provide any reasons for the same, cancel, suspend, modify or otherwise change the terms of the proposed Facilities. Yours faithfully for Citibank, N.A. Aditya Agarwal Director Accepted on behalf of Name: Designation: Date: (Affix entity seal here) Anand Agarwal Credit Manager Citibank N.A. a National Banking Association formed under the laws of the United States of America with Limited Liability

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