Help needed in character replacement in Korn Shell

$ cat i2
111 002 A a
33 0011 B c
2222 003 C a

111/002 AAA     a
33/0011 BBB     c
2222/003 CCC     b

$ cat test.ksh
#!/bin/ksh

cut -d' ' -f1 < $1 > 1st_word
cut -d' ' -f3 < $1 > 3rd_word

while read line
do

sed -e "s/$line /$line\//g" $1 | grep $line

done < 1st_word > tmp_ouput


while read line
do

sed -e "s/$line /$line     /g" tmp_ouput1 | grep $line

done < 3rd_word

sed -e 's/ /\//' -e 's/\(.* .*\)\( .*\)/\1    \2/' filename

cat temp
111 002 A a
33 0011 B c
2222 003 C a
sed -e 's/ /\//' -e 's/\(.* .*\)\( .*\)/\1    \2/' temp
111/002 A     a
33/0011 B     c
2222/003 C     a

$ sed -e 's! !/!1' -e 's/ /     /2' infile > outfile

$ sed -e 's/^\([^ ]*\) \([^ ]*\) \([^ ]*\) \(.*\)$/\1\/\2 \3     \4/' infile > outfile