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 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, 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.

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