Reliance Industries Ltd (RIL) on June 12 said it sold 3.5 crore equity shares of Asian Paints at a price of Rs 2,201 apiece.
RIL said it has a balance of 87 lakh equity shares of Asian Paints.
"Please note that 3.5 crore equity shares of Asian Paints held by Reliance Industries Limited through Siddhant Commercials Limited have been sold today at a price of Rs. 2,201 per share leaving a balance of 87 lakh equity shares of Asian Paints," said RIL in a stock exchange filing.
It is to be noted that 3.5% equity of Asian Paints worth Rs 7,703 crore had changed hands in the pre-open block window on June 12.
The company had reported a net profit of Rs 692 crore in Q4 FY25, lower than the Street expectations. A Moneycontrol poll of brokerages pegged Asian Paints January-March quarter net profit at Rs 1,069 crore.
The paint-maker reported an exceptional item of Rs 182.96 crore in its consolidated financials for Q4 FY25, 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 (White Teak) and Causeway Paints (Sri Lanka), respectively.
Consolidated revenue for the fiscal fourth quarter also fell by 4.3% to Rs 8,359 crore, versus the Moneycontrol poll estimate of Rs 8,619 crore.
"The weak demand conditions prevalent for the past few quarters continued to affect the paint industry even in the last quarter of the financial year," Amit Syngle, Managing Director & CEO had said.
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