TBO Tek block deal: 2 shareholders likely to sell 3.1% stake at Rs 1,180 per share; key details

Shares of TBO Tek Ltd are in focus today amid reports existing shareholders Augusta TBO Singapore Pte Ltd and TBO Korea Holdings Ltd could be selling up to 3.1 per cent stake in the company for Rs 400 crore in a block deal.

The floor price has reportedly been set at Rs 1,180 per share, sources told CNBC-TV18. The TBO Tek stock settled at Rs 1,269.90 on Thursday, up 1.71 per cent. The floor price is at 7.07 per cent discount to the prevailing market price,

As per shareholding data, the promoter group held 44.41 per cent stake in TBO Tek Ltd as of December 31, 2024. Augusta TBO Singapore Pte held 1,05,48,100 shares or 9.71 per cent stake in the company at the end of Q3. TBO Korea Holdings Ltd, on the other hand, owned 59,69,360 shares or 5.5 per cent stake in the company. These two entities were part of public shareholders that together owned 5,80,07,311 or 53.42 per cent stake in the company as of December 31.

On December 3, Augusta TBO Singapore Pte had sold 40,74,288 shares in the company at Rs 1,465.14. TBO Korea Holdings had also sold 23,05,712 shares on the same date for Rs 1,465, bulk deal data showed.

Axis Mutual Fund, SBI Technology Opportunities Fund and ICICI Prudential Flexicap Fund are some mutual fund schemes that owned over 1 per cent stake in TBO Tek at the end of December quarter.

For the December quarter, TBO Tek reported a growth of 47.5 per cent YoY in Hotels & Packaging (H&P) segment, aided by 36 per cent organic growth and JumboOnline consolidation. Despite muted trends in Air ticketing (up 3.7 per cent YoY), consolidated GTV grew 26.2 per cent YoY (20 per cent organic) for the quarter, which was broadly in-line JM Financial's estimates.

Consolidated revenue for the quarter grew 29.2 per cent YoY, which was ahead of JM Financial's estimate by 4 per cent. Gross margin for the quarter came in at 70.3 per cent, up 265 basis points YoY due to improving business mix.

"Despite this, Ebitda margin was down 111 bps YoY to 16.1 per cent (albeit ahead of JMFe of 14.8 per cent) due to accelerated investments in international markets. While robust H&P expansion should continue in the foreseeable future, the management said meaningful operating margin expansion in the near term is unlikely amidst the aforementioned investments," JM Financial said.