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China’s travel service provider Ctrip.com will invest $180 million in MakeMyTrip through convertible bonds, the Indian travel aggregator said in a statement on Friday.
MakeMyTrip has also granted Ctrip permission to acquire MakeMyTrip shares in the open market, so that combined with shares convertible under the convertible bonds, Ctrip may beneficially own up to 26.6 per cent of MakeMyTrip's outstanding shares, the statement added.
With this, Ctrip will acquire the right to appoint a director to the MakeMyTrip board of directors.
MakeMyTrip will use the capital to focus on further strengthening its leading market share in the Indian online travel market, it said.
Morgan Stanley acted as the exclusive financial advisor, while Latham & Watkins LLP served as the legal advisor to MakeMyTrip for this transaction.
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