[Update] Two Overseas Entities Offload TBO Tek Shares Worth INR 870 Cr

Update | March 22, 11:00 AM

Augusta TBO (Singapore) Pte Ltd and TBO Korea Holdings Ltd dumped over 70 Lakh shares of B2B travel tech company TBO Tek, representing a 6.8% stake in the company, for INR 870 Cr via bulk deals. 

According to the bulk deal data available with the stock exchanges, the shares were sold at an average price of INR 1,200.02 apiece, a discount of 5.5% from the stock’s last close.

While Augusta TBO sold 46.29 Lakh shares in TBO Tek worth INR 555.6 Cr, TBO Korea Holdings offloaded 26.20 Lakh shares worth INR 314.4 Cr.

Some of the offloaded shares were purchased by SBI Mutual Fund (MF), ICICI Prudential MF, and Nippon India MF. While Nippon India MF acquired 28.11 Lakh shares, SBI MF and ICICI Prudential bought 8.78 Lakh and 7.83 Lakh, respectively. The three mutual funds bought the shares at INR 1,200 apiece, taking the deal value to INR 537 Cr.

Original Story | March 21, 9:06 AM

Two overseas entities, Augusta TBO Singapore Pte Ltd and TBO Korea Holdings Ltd, reportedly plan to sell up to 3.1% stake in B2B travel tech company TBO Tek via multiple block deals for INR 400 Cr (about $46.3 Mn). 

As per the terms of the deal seen by Bloomberg, the two backers have set a floor price of INR 1,180 per share, a discount of 7% compared to the stock’s closing price on Thursday. The deal will also reportedly have a 30-day lock-in for the remaining stake held by the sellers. 

As per BSE data, Augusta TBO (Singapore) held 9.71% stake in TBO Tek at the end of December 2024. TBO Korea owned 5.5% shareholding in the company.  

The development comes when Indian stock market has been seeing some recovery after the correction of the past few months. Share prices of TBO Tek have fallen more than 27% on a year-to-date (YTD) basis. 

Last month, brokerage PhillipCapital reaffirmed its “BUY” call on TBO Tek with a target price of INR 2,090, citing strong business growth in the third quarter (Q3) of the financial year 2024-25 (FY25). 

Founded in 2006 by Ankush Nijhawan and Gaurav Bhatnagar, TBO Tek offers a wide range of travel services to travel agents and tour operators, such as hotel reservations, flight bookings, holiday packages, insurance cover, car rentals, among others.

The company went public in May last year. Its shares got listed at INR 1,380 on the BSE, a premium of 55% to its issue price.

On the financial front, TBO Tek’s net profit declined nearly 2% to INR 49.97 Cr in Q3 FY25 from INR 50.79 Cr in the year-ago quarter. Operating revenue zoomed more than 29% to INR 422.18 Cr during the quarter under review from INR 326.85 Cr in Q3 FY24. 

Shares of TBO Tek ended yesterday’s trading session 0.91% higher at INR 1,259.95 on the BSE.