Bulk deals on March 21: ICICI Prudential MF, Nippon India MF, SBI MF buy 4.12% stake in TBO Tek for ₹537 crore

Bulk deals on March 21: 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 ₹537 crore through open market transactions on March 21.

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

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Bulk deals on March 21: Key metrics

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

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

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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 ₹1,200.02-1,200.04, taking the aggregate deal value to ₹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 were not clear.

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Shares of TBO Tek on Friday fell 4.93 per cent to close at ₹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 ₹935 crore.