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Ctrip investing $180M in India's MakeMyTrip; MMYT +32.5%

Jan. 07, 2016 9:53 AM ETTrip.com Group Limited (TCOM) StockBy: Eric Jhonsa, SA News Editor1 Comment
  • Chinese online travel leader Ctrip (CTRP -4.2%) is investing $180M in Indian online travel firm MakeMyTrip (MMYT) via convertible bonds. The company has also been granted permission to make open-market purchases of MakeMyTrip shares. Between the convertible debt and stock purchases, Ctrip is allowed to have a stake of up to 26.6%.
  • MakeMyTrip has soared on the news. Ctrip, which recently obtained a major stake in top Chinese rival Qunar from Baidu, is following U.S. and Chinese markets lower. The Shanghai composite fell 7% overnight.

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