New Delhi, Mar 21 (PTI) SBI Mutual Fund (MF), ICICI Prudential MF, and Nippon India MF on Friday acquired a 4.12 per cent stake in travel distribution firm TBO Tek for Rs 537 crore through open market transactions.

TBO Tek is a technology platform engaged in the business of providing services related to tours and travel.

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A total of 44.72 lakh shares, or 4.12 per cent stake, in TBO Tek were acquired by the three mutual fund houses in three separate transactions on the BSE.

As per the bulk deal data, Nippon India MF acquired 28.11 lakh shares in TBO Tek, SBI MF purchased 8.78 lakh shares, and ICICI Prudential MF picked up 7.83 lakh shares of the company.

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The shares were purchased at an average price of Rs 1,200 apiece, taking the combined value to Rs 536.75 crore.

Meanwhile, Augusta TBO (Singapore) Pte and TBO Korea Holdings, two public shareholders, divested a 6.7 per cent stake in Gurugram-based TBO Tek for Rs 870 crore through open market transactions.

Augusta TBO (Singapore) offloaded 46.29 lakh shares or 4.3 per cent holding in TBO Tek, while TBO Korea Holdings sold 26.20 lakh scrips, amounting to a 2.42 per cent stake in the company, as per the data.

The shares were disposed of at an average price of Rs 1,200.02-1,200.04, taking the aggregate deal value to Rs 870.02 crore.

After the stake sale, Augusta TBO's holding in TBO Tek has come down to 5.41 per cent from 9.71 per cent and TBO Korea Holdings stake to 3.08 per cent from 5.50 per cent.

Details of the other buyer(s) of TBO Tek's shares could not be ascertained on the exchange.

Shares of TBO Tek on Friday fell 4.93 per cent to close at Rs 1,207.35 apiece on the BSE.

In December last year, Augusta TBO Singapore and TBO Korea Holdings pared a total of 5.9 per cent stake TBO Tek for nearly Rs 935 crore.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)