Reliance Industries (RIL) sold 3.5 crore shares of Asian Paints or 3.6 per cent of its equity for ₹7,703 crore at ₹2,201 apiece, according to an exchange filing.
The Mukesh Ambani-controlled conglomerate said that post the stake sale, it holds a balance of 87 lakh shares in the paints company.
RIL sold the stake via block deals, through its arm Siddhant Commercials, which held 4.9 per cent stake in the company at the end of March.
The conglomerate had acquired the stake in Asian Paints back in January 2008, picking up a small stake for ₹500 crore, and the exit is at over 15x of the original investment.
Exchange data showed SBI Mutual Fund has acquired the entire stake sold by RIL.
Asian Paints is one of the leading paint makers in the industry and RIL had acquired the stake at the time of the global financial crisis.
The stock has been an underperformer in the last three years, with rising competitive intensity due to the entry of new players in the segment, such as the Aditya Birla Group and JSW Group.
Analysts estimate that its market share has fallen to just over 50 per cent in FY25 from close to 60 per cent. The company has been fighting to maintain its leadership position.