Reliance Divests Major Stake in Asian Paints

In a significant financial maneuver, Reliance Industries, under the leadership of Mukesh Ambani, has offloaded a major stake in Asian Paints. The conglomerate divested a 3.64% stake, equivalent to 3.50 crore shares, through its affiliate Siddhant Commercials Pvt Ltd.

The shares were acquired by SBI Mutual Fund for a transaction valued at Rs 7,703 crore, reflecting an average price of Rs 2,201 per share. This strategic sale saw Siddhant Commercials' holding in Asian Paints reduce substantially from 4.90% to 1.26%.

The acquisition significantly boosts SBI Mutual Fund's shareholding in the company from 1.51% to 5.15%. Meanwhile, shares of Asian Paints showed a positive market response, ending the day with an increase of 0.73% to close at Rs 2,225 on the NSE.

(With inputs from agencies.)