October 18, 2016 / 3:12 PM / 9 months ago

BUZZ-MakeMyTrip Ltd: To buy rival; soars to near 2-year high

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Oct 18 (Reuters) - ** India-based travel website operator's shares soar 55.4 pct to near two-year high of $31.70; biggest intraday pct gain in over 6 years

** Stock biggest percentage gainer on Nasdaq

** MakeMyTrip to buy rival ibibo Group from a holding company jointly owned by Naspers Ltd and Tencent Holdings Ltd in exchange for issuance of new shares

** Deal to bring travel brands like goibibo and redBus under the MakeMyTrip portfolio

** Naspers and Tencent to own 40 pct stake and become largest shareholder in MakeMyTrip

** Up to Monday's close, MakeMyTrip stock had risen 20.6 pct in the past 12 months

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