SAO PAULO, June 24 (Reuters) - Shares of Brazil's CVC tumbled 8% on Friday after the travel operator said its 403 million reais ($77 million) share offering was priced at a sharp discount to closing prices.

The company said its offering was priced at 7.70 reais per share, a 13.3% discount to Thursday's closing price of 8.88 reais per share.

In Friday morning trading, CVC shares plunged 8% to 8.18 reais, making it the top loser on Brazil's Bovespa stock index , which was up overall 0.4%.

The firm, formally known as CVC Brasil Operadora e Agencia de Viagens SA, announced the plan for an additional share offering earlier this month, citing a gradual recovery in the tourism industry, fueled by rising demand for both leisure and business trips.

The initial offering of 46.5 million common shares in CVC was increased by 12.5% as demand allowed, the company said in a securities filing.

CVC will use the amount raised to reinforce its working capital and pay debenture holders, it said.

Citi and Bank of America managed the transaction.

($1 = 5.2388 reais) (Reporting by Gabriel Araujo; Editing by Jason Neely, Jane Merriman and Deepa Babington)