Reliance Industries Sells 3.50 Cr Equity Shares of Asian Paints for ₹7,704 Cr

RELIANCE INDUSTRIES has sold a 3.64% stake in the largest paints company, Asian Paints, worth ₹7,704 crore, selling 3.5 crore shares at ₹2,201 each, according to block deal data on the exchanges.

- ENS ECONOMIC BUREAU @ Mumbai

The oil-to-telecom conglomerate said it sold 35 million shares in Asian Paints at a price of Rs 2,201 per share, pushing the share prices up by 2% intraday to Rs 2,263 on a day when the indices crashed 1% each. Finally, the counter closed at ₹2,218 or 43 bps up. It's not known how much Reliance Industries had owned or how much it still holds. The promoters hold 52.6%, FIIs own 12.2%, and the public own 19.5%.