Major Stake Shift: Reliance Offloads Asian Paints Shares
Reliance Industries, led by Mukesh Ambani, sold 85 lakh shares of Asian Paints for Rs 1,876 crore in an open market transaction, significantly reducing its stake. ICICI Prudential Mutual Fund acquired these shares, increasing their holding in Asian Paints to 2.12%. The share price closed at Rs 2,241, up by 1.21%.
- Country:
- India
In a significant market move, Mukesh Ambani's Reliance Industries divested 85 lakh shares of Asian Paints, amounting to a transaction value of Rs 1,876 crore.
This share sale follows a previous offloading of 3.50 crore equity shares by Reliance, representing a strategic reduction in their stake in the Mumbai-based company.
ICICI Prudential Mutual Fund seized the opportunity and acquired the shares, raising its stake in Asian Paints to 2.12%. The transaction has influenced stock dynamics, with shares closing at Rs 2,241 on the NSE.
(With inputs from agencies.)
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