Asian Paints shares see Rs 1900 crore block deal, stock up 1%
[hfe_template id='11223']
[ad_1]
Shares of Asian Paints climbed nearly 1% on Monday to Rs 2235.8 on the BSE after a large block deal saw 85 lakh shares worth Rs 1,876 crore change hands, according to a report by ET NOW. The deal comes on the heels of last week’s significant transaction where Reliance Industries Ltd (RIL) offloaded a 3.6% equity stake in Asian Paints to SBI Mutual Fund through a block deal executed on Thursday. SBI Mutual Fund, India’s largest asset manager, acquired the 3.6% stake for Rs 7704 crore ($900 million), making it one of India’s largest bilateral block deals. The shares were picked up at Rs 2201 apiece. The deal allowed Reliance to monetize part of its long-term investment in Asian Paints, which it held via Siddhant Commercials Ltd. The transaction delivered a windfall to Reliance, translating into a near 23-fold return on a 17-year-old investment. Technicals still weak Live Events Asian Paints’ stock has been under pressure. The shares have fa...