Mukesh Ambani’s BIG move, Reliance Industries sells 85 lakh shares of…, earns Rs 18760000000 through…

Mukesh Ambani’s Reliance Industries sold 85 lakh shares of Asian Paints on Monday through an open market transaction and raised Rs 1,876 crore. This development has come up after Reliance Industries’ recent sale of 3.50 crore equity shares, equivalent to a 3.64% stake in the Mumbai-based Asian Paints, last 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.

Last week also Reliance Industries had 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.

(With Inputs From PTI)

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