Major Mutual Funds Acquire Stake in TBO Tek Amid Strategic Divestments

SBI Mutual Fund, ICICI Prudential MF, and Nippon India MF purchased a combined 4.12% stake in travel distribution firm TBO Tek for Rs 537 crore via open market transactions. Concurrently, Augusta TBO and TBO Korea Holdings divested 6.7% of their stake, amounting to Rs 870 crore. TBO Tek's shares dropped by 4.93% post-transactions.

SBI Mutual Fund, ICICI Prudential MF, and Nippon India MF collectively acquired a 4.12% share in TBO Tek, a travel distribution firm, shelling out Rs 537 crore in open market operations. The acquisition involved 44.72 lakh shares distributed across these leading mutual funds.

The transactions on the BSE saw Nippon India MF securing 28.11 lakh shares, SBI MF absorbing 8.78 lakh shares, and ICICI Prudential MF taking charge of 7.83 lakh shares, priced Rs 1,200 each, culminating in a total value of Rs 536.75 crore.

Separately, Augusta TBO (Singapore) and TBO Korea Holdings offloaded a 6.7% share for Rs 870 crore. The strategic divestment included 46.29 lakh shares by Augusta TBO and 26.20 lakh by TBO Korea Holdings, impacting their respective stakes significantly. Post-trade, TBO Tek's share price fell 4.93% to Rs 1,207.35.

(With inputs from agencies.)