Almost £240 million was raised by the private equity investors behind Saga through the sale of an 11% stake in the over-50s holidays and services company.
Acromas, whose owners at Charterhouse Capital, CVC and Permira listed Saga on the stock exchange last May, sold 122.5 million Saga shares priced at 195p each.
Acromas will own about 51% of Saga after the sale, which raised gross proceeds of £239 million.
It has agreed not to sell ant more shares for a period of 90 days following the completion of the placing, which is due to be completed tomorrow (Friday).
The sale came a day after Acromas told the stock market that it planned to sell at least 77 million shares, or a 7% stake, as it stages an exit from a company that it once fully owned.
Acromas raised £122 million through the sale of 66 million shares, representing a 6% shareholding, in February following an initial sale of 45 million shares at 185p – a 4% interest – the same month.
Saga last month reporting a 9.6% rise in pre-tax profits of £195.5 million for the year to January 31.