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In a significant move, billionaire Mukesh Ambani-led Reliance Industries Limited (RIL) has sold around 35 crore of its equity shares in Asian Paints at Rs 2,201 apiece for a total of approximately Rs 7,703.5 crore. According to an exchange filing by RIL on Wednesday, the oil-to-telecom conglomerate revealed that it has offloaded 35 million equity shares of Asian Paints through its subsidiary Siddhant Commercials Limited at Rs 2,201 per share.
Before the sale, Siddhant Commercials, a subsidiary of Mukesh Ambani’s Reliance Industries, owned a 4.9 percent stake in Asian Paints, as of March 2025. After the block deal, Reliance now holds 8.7 million (87 lakh) equity shares in Asian Paints, as per the filing.
While RIL’s major block deal has altered the overall shareholding pattern in Asian Paints, the Life Insurance Corporation of India (LIC) remains the company’s largest shareholder with an 8.29 percent stake, while domestic mutual funds collecting own a 5.67 percent equity in the firm.
As per a report by The Mint, ICICI Prudential Mutual Fund and SBI Mutual Fund own a 1.24 percent and 1.51 percent, stake in Asian Paints, while over 1.17 crore small investors hold 11.84 per cent equity, each holding valued as less than Rs 2 lakh.
Notably, the buyers who were part of RIL’s block deal remain undisclosed as of yet.
Meanwhile, the shares of Reliance Industries closed at Rs 1,439.60 apiece on the BSE , while Asian Paints ended the day at Rs 2,218.05.
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