LEADING travel service provider Ctrip.com will be investing US$180 million in MakeMyTrip, India’s largest online travel company, via convertible bonds.
Permission has also been granted for Ctrip to acquire MakeMyTrip shares in the open market. This, in addition with the shares convertible, may result in Ctrip obtaining up to 26.6 per cent of MakeMyTrip’s outstanding shares.
Once the investment is completed, Ctrip will be able to legally appoint a director for MakeMyTrip’s board of directors.
