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1.Makemytrip has raised $180mn from Ctrip.com International, Ltd, a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China.
2.Upon completion of the transaction, Ctrip will invest US$180 million in MakeMyTrip through convertible bonds. In addition, MakeMyTrip has 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% of MakeMyTrip’s outstanding shares. Upon completion of the investment, Ctrip will acquire the right to appoint a director to the MakeMyTrip board of directors.