Ctrip invests US$180 million in MakeMyTrip

MakeMyTrip Limited, a giant online travel company was signified by Latham & Watkins, on issuance of US$180 million convertible bonds to Ctrip, a travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China.

This was the first convertible bond issuance by MakeMyTrip. Ctrip made the investment by way of US$180 million worth of convertible bonds.

As part of the deal, additional investor rights were agreed, including certain registration rights and the right for Ctrip to appoint a director to the MakeMyTrip board of directors.

The Latham team was led by partners Rajiv Gupta and Posit Laohaphan, counsel Dipti Thakar and Louis Rabinowitz and associate Francesca Rothkell. U.S. tax advice was provided by New York partners Jiyeon Lee-Lim and William Lu, supported by associate Bora Bozkurt.

Laohaphan noted the combination of leading Latham & Watkins practices that advised on the deal and commented, "The transaction combines our market-leading India practice with our unique equity-linked and equity derivatives expertise."

Rajiv Gupta, head of the firm's India Practice, commented, "We are very proud of our longstanding relationship with MakeMyTrip and are delighted to have advised them on this important investment, which will allow the company to further strengthen its leadership in India's online travel markets."

Recently, he also advised on Indigo Airlines' US$459.7 million Initial Public Offering, noted, "Ctrip's investment demonstrates the continued appeal of the Indian market to investors. We are continuing to see clients develop strategic interests in the fast-growing travel sector in India."

Morgan Stanley acted as the exclusive financial advisor to MakeMyTrip while Latham & Watkins LLP served as the legal advisor to MakeMyTrip on this transaction.