Reliance Industries Ltd. on Thursday reduced its shareholding via an affiliate in Asian Paints Ltd. by selling equity worth Rs 7,703 crore. SBI Mutual Fund was the sole buyer of the shares.
The Mukesh Ambani-led company offloaded 3.5 crore equity shares at Rs 2,201 per share through its subsidiary Siddhant Commercials Ltd., according to a stock exchange filing.
The deal was carried out in the pre-market block window for 3.64% of Asian Paints' equity.
Siddhant Commercials held a 4.9% stake in the paintmaker as of March, according to the latest shareholding data. Reliance Industries said it still holds a balance of 87 lakh equity shares of Asian Paints.
SBI Mutual Fund held 1.51% as of March, valued at Rs 3,220 crore based on current market value.
Retail participation in the Nifty 50 stock remains strong, with over 11.73 crore small shareholders—each with share capital up to Rs 2 lakh—together owning 11.84% of Asian Paints.
Mutual funds own 5.67% and insurance companies 9.5%. Foreign investors own 12% equity in the company.
Asian Paints share prices settled 0.7% higher at Rs 2,225 apiece, compared to a 1% decline in the benchmark Nifty 50. The stock has fallen 23% in the last 12 months and 3% so far this year as the company faces heightened competition from billionaire Kumar Mangalam Birla's new paint venture.
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