Funds buy 4.12% stake in TBO Tek for ₹537 crore

On March 21, SBI Mutual Fund, ICICI Prudential Mutual Fund, and Nippon India Mutual Fund bought a 4.12% stake in TBO Tek for ₹537 crore. This transaction took place through open market deals. The three mutual funds acquired a total of 44.72 lakh shares in TBO Tek. Nippon India MF bought the most shares, with 28.11 lakh. SBI MF purchased 8.78 lakh shares, while ICICI Prudential MF acquired 7.83 lakh shares. The average purchase price was ₹1,200 per share. In a related transaction, two public shareholders, Augusta TBO (Singapore) Pte and TBO Korea Holdings, sold a combined 6.7% stake in TBO Tek for ₹870 crore. Augusta TBO sold 46.29 lakh shares, while TBO Korea Holdings disposed of 26.20 lakh shares. The shares were sold at prices slightly above ₹1,200. After the sale, Augusta TBO's ownership in TBO Tek decreased from 9.71% to 5.41%. TBO Korea Holdings' stake fell from 5.50% to 3.08%. The share price of TBO Tek dropped 4.93% to close at ₹1,207.35. Last December, Augusta TBO and TBO Korea had already sold 5.9% of TBO Tek for nearly ₹935 crore.