Reliance Industries Ltd. sold about 3.7% of shares in Indian paint maker Asian Paints Ltd. in a package deal that raised $900 million.
Reliance Industries, which owned a stake in the country's largest paint maker Asian Paints, a unit of Siddhant Commercials Ltd., said it had sold 35 million shares at Rs 2,201 apiece. It continues to own 87 million shares of Asian Paints.
Asian Paints shares closed 0.5% higher in Mumbai. The stock has fallen 2.7% this year after falling 33% in 2024 amid growing competition as billionaire Kumar Mangalam Birla's conglomerate entered the sector.
Asian Paints Ltd is an Indian multinational paint company headquartered in Mumbai. The company is engaged in the manufacture, sale and distribution of paints, coatings, home décor products, plumbing fixtures and related services. The company has 27 paint manufacturing facilities in 15 countries, serving customers in over 60 countries.
Source: Bloomberg
