Two Overseas Entities To Sell Rs 400-Crore Stake In TBO Tek Via Block Deal: Report
Augusta TBO Singapore Pte. and TBO Korea Holdings Ltd., both public shareholders, reportedly plan to pare up to 3.1% stake in TBO Tek.
Two overseas entities holding stake in TBO Tek Ltd. plan to pare up to 3.4 million shares in the company via block deals, news agency Bloomberg reported on Thursday, citing a term sheet it viewed.
The sellers were identified as Augusta TBO Singapore Pte Ltd. and TBO Korea Holdings Ltd. They will be selling up to 3.1% stake to mop up as much as $46.3 million or Rs 400 crore, the report said.
The floor price for the deal is set at Rs 1,180 per share, as per the report. This is over 6% lower as against Thursday's closing price of the stock.
Additionally, the agreement includes a 30-day lock-up period for the seller's remaining stake, the report added.
As of December 2024, Augusta TBO Singapore held 9.71% stake in TBO Tek, whereas TBO Korea Holdings owned 5.50% stake in the company.
The two entities, which are public shareholders of TBO Tek, had also pared a total of 5.9% stake in the company for nearly Rs 935 crore through open market transactions in December.
Augusta TBO (Singapore) had sold 40.74 lakh shares, while TBO Korea Holdings had offloaded 23.05 lakh shares, amounting to a 3.75% and 2.12% stake, respectively, in the Gurugram-based TBO Tek.
Shares of TBO TEK on Thursday closed 1.76% higher at Rs 1,269.70 apiece on the National Stock Exchange. In comparison, the benchmark Nifty 50 settled 1.24% higher.
The stock has fallen by 26.78% in the last 12 months and declined by 9.71% in 2025 so far.
All seven analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 51.9%.
(With Bloomberg and PTI inputs)
