TBO Tek shares slide over 5% as Augusta TBO, Korea Holdings plan to sell 3.1% stake
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TBO Tek shares tumbled 5.5% to an intraday low of Rs 1,200 on the BSE on Friday after a Rs 400 crore block deal in the travel distribution firm was intiaited, with Augusta TBO Singapore Pte Ltd and TBO Korea Holdings Ltd looking to offload up to a 3.1% stake, sources told CNBC-TV18. The offer floor price has been set at Rs 1,180 per share, reflecting a 7% discount to the current market price (CMP), according to multiple sources familiar with the development. TBO Tek has been focusing on a shift in consumer travel behavior, anticipating that experiences will drive travel spending more than traditional bookings like flights and hotels over the next five to seven years. According to TBO Tek, travelers are increasingly planning their trips around specific activities and experiences rather than destinations. "In fact, it’s already happening—you think of what you want to experience, and then you decide where to travel to," said Co-Fou...