Reliance Industries sells 3.64% stake in Asian Paints for Rs 7,703 cr

New Delhi: Billionaire Mukesh Ambani-led Reliance Industries on Thursday divested a 3.64 per cent stake in Asian Paints, while SBI Mutual Fund picked up the shares for Rs 7,703 crore through an open market transaction.

Reliance Industries, through its affiliate Siddhant Commercials Pvt Ltd, sold 3.50 crore equity shares or 3.64 per cent stake in Asian Paints, as per the block deal data available with the National Stock Exchange (NSE).

The shares were disposed of at an average price of Rs 2,201 apiece, taking the transaction value to Rs 7,703.50 crore.

After the stake sale, RIL arm Siddhant Commercials' shareholding in Asian Paints dipped to 1.26 per cent from 4.90 per cent.

With the acquisition of shares, SBI Mutual Fund's shareholding in Asian Paints rose to 5.15 per cent from 1.51 per cent.

Shares of Asian Paints went up 0.73 per cent to close at Rs 2,225 apiece on the NSE.