MakeMyTrip $180 million convertible bonds issue

Overview:

• Indian online travel company MakeMyTrip has issued $180 million in convertible bonds to Chinese travel service provider Ctrip.com International.
• This is the first convertible bond issuance by MakeMyTrip.
• The deal will result in Ctrip taking a 26.6% shareholding in the Indian company when the bonds convert.
• The deal also grants Ctrip certain registration rights and the right to appoint a director to the board of MakeMyTrip.
• Morgan Stanley was the  financial adviser to MakeMyTrip.

Sam Duke - Editor