Online travel company MakeMyTrip has received funds to the tune of $180 million from Ctrip.com through convertible bonds.

Ctrip.com is a travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China. Upon completion of the transaction, Ctrip will invest $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 per cent of MakeMyTrip’s outstanding shares. Ctrip will acquire the right to appoint a director to the MakeMyTrip board of directors.