On Thursday, billionaire Mukesh Ambani’s Reliance Industries divested a 3.64 percent stake in Asian Paints, with SBI Mutual Fund acquiring the shares for Rs 7,703 crore through an open market transaction.
Reliance Industries, via its affiliate Siddhant Commercials Pvt Ltd, sold 3.50 crore equity shares, representing a 3.64 percent stake in Asian Paints, according to block deal data from the National Stock Exchange (NSE). The shares were sold at an average price of Rs 2,201 each, resulting in a total transaction value of Rs 7,703.50 crore.
Following the stake sale, Siddhant Commercials’ shareholding in Asian Paints decreased to 1.26 percent from 4.90 percent. Meanwhile, with the purchase of these shares, SBI Mutual Fund’s stake in Asian Paints increased to 5.15 percent from 1.51 percent. Asian Paints’ shares rose by 0.73 percent, closing at Rs 2,225 each on the NSE.
