Reliance Industries sells 85 lakh shares of Asian Paints for Rs 1,876 cr

Billionaire Mukesh Ambani-led Reliance Industries on Monday sold 85 lakh shares of Asian Paints for Rs 1,876 crore through an open market transaction.

The share sale came days after Reliance Industries offloaded 3.50 crore equity shares or 3.64 per cent stake in Mumbai-based Asian Paints on Thursday.

According to the block deal data on the National Stock Exchange (NSE), Reliance Industries through its affiliate Siddhant Commercials Pvt Ltd disposed of 85 lakh shares, representing a 0.88 per cent stake in Asian Paints.

The shares were sold at an average price of Rs 2,207 apiece, taking the transaction value to Rs 1,875.95 crore.

Meanwhile, ICICI Prudential Mutual Fund (MF) bought these shares at the same price. With the acquisition of shares, ICICI Prudential MF’s holding in Asian Paints rose to 2.12 per cent from 1.24 per cent.

Shares of Asian Paints increased 1.21 per cent to close at Rs 2,241 apiece on the NSE.