MUMBAI: Reliance Industries has sold 3.64% percent stake in the largest paints company Asian Paints, worth Rs 7,704 crore, selling 3.5 crore shares at Rs 2,201 each, according to the block deal data on the exchanges.
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 by 2% intra day to Rs 2,263 on a day when the indices crashed 1% each. Finally the counter closed at Rs 2,218 or 43 bps up. Its not know how much RIL had owned or how much it's still holding. The promoters hold 52.6% and FIIs own 12.2% and the public own 19.5%
The transaction was executed via the block deal window and accounted for one of the largest trades of the day on the exchanges.
Details regarding the buyers involved in the transaction are yet to be disclosed, and regulatory filings are expected to provide further clarity.
Asian Paints shares had dropped over 4.5 percent in the past one month, and nearly 6% in the past six months and had tumbled 22.5% in the past one year.
The company had reported a net profit of Rs 692 crore in Q4 FY25, lower than the street expectations as the paints-maker reported an exceptional item of Rs 182.96 crore in its consolidated financials for Q4FY25, which includes a Rs 83.7 crore loss on the divestment of its Indonesian subsidiaries, and impairment losses of Rs 77.8 crore and Rs 21.5 crore on goodwill and intangibles related to the acquisitions of Obgenix Software and Causeway Paints in Sri Lanka, respectively.
Consolidated revenue for the fiscal fourth quarter also fell by 4.3% to Rs 8,359 crore.