Hi Amith:
*IF* you have an Ascii text file, then the following will replace the string of "99" with spaces _only_ when it is in the 79th position (counting the first character as *zero*):
# perl -ple 'substr($_,79,2," ") if substr($_,79,2)==99' file
If you count the 79th position from character one, then change the 79-to-78.
Regards!
...JRF...