Reliance Industries Ltd. has further pared its stake in Asian Paints Ltd., offloading shares worth Rs 1,876 crore in a block deal on Monday.
ICICI Prudential Mutual Fund emerged as the sole buyer in this transaction, acquiring 85 lakh shares at Rs 2,207 apiece from Siddhant Commercials Pvt., according to the block deal data on the NSE.
This comes close on the heels of another significant stake sale last week. On Thursday, RIL had confirmed selling 3.5 crore equity shares of Asian Paints through Siddhant Commercials at an average price of Rs 2,201 per share, aggregating to Rs 7,703 crore. SBI Mutual Fund had picked up the entire 3.64% stake in that earlier deal.
Following last week's transaction, Siddhant Commercials had retained 87 lakh shares of Asian Paints.
Shares of the paint maker ended 1.21% higher at Rs 2,241 apiece, compared to a 0.98% advance in the benchmark NSE Nifty 50.
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