Mumbai: Three major investors in Deccan Aviation, including ICICI Bank, have sold shares worth Rs102 crore, after an open offer from business tycoon Vijay Mallya for raising his stake in Air Deccan, the country''s largest low-cost airline.

ICICI bank sold about 12.4 lakh shares for about Rs18.6 crore in a block deal at the National Stock Exchange. The bank held over 14.2 lakh shares (1.05 per cent stake in Deccan Aviation) as of June 30.

Swiss banking group UBS'' Asian subsidiary UBS Securities Asia Ltd., sold over 24.3 lakh shares for about Rs36.5 crore in another block deal at the NSE. UBS held over 34.2 lakh shares of Deccan Aviation, or 2.53 per cent stake.

Western India Trustee and Executior Co Ltd., sold over 31.3 lakh shares for about Rs 47 crore. The company held 91.8 lakh shares of the airline as of June 30 (about 6.78 per cent).

Mallya group companies United Breweries and Kingfisher Radio had, earlier this month, revised their open offer period for acquisition of 27,126,360 equity shares of Deccan Aviation, representing a 20 per cent stake.

Money Matters (India) Pvt Ltd and Money Matters Advisory Services Ltd made purchases of a total of about 67.6 lakh for Rs102 crore.

Deccan Aviation, meanwhile, reported a higher fourth quarter net loss at Rs173 crore against Rs110 crore last year.

Deccan Aviation said its sales for the period rose to Rs503 crore from Rs398 crore rupees last year.

For the year to June 30, it reported a net loss of Rs420 crore on revenues of Rs2,140 crore.

Deccan also reported a loss of Rs340 crore on revenue of Rs1,240 crore in the 15-month period to June 2006 after the company changed its accounting year mid-way.