Equivariant $K$-theory of GKM bundles

Given a fiber bundle of GKM spaces, $\pi\colon M\to B$, we analyze the structure of the equivariant $K$-ring of $M$ as a module over the equivariant $K$-ring of $B$ by translating the fiber bundle, $\pi$, into a fiber bundle of GKM graphs and constructing, by combinatorial techniques, a basis of this module consisting of $K$-classes which are invariant under the natural holonomy action on the $K$-ring of $M$ of the fundamental group of the GKM graph of $B$. We also discuss the implications of this result for fiber bundles $\pi\colon M\to B$ where $M$ and $B$ are generalized partial flag varieties and show how our GKM description of the equivariant $K$-ring of a homogeneous GKM space is related to the Kostant-Kumar description of this ring.