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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 2201 apiece for a total of approximately Rs 7703.5 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 2201 per share. Before the sale Siddhant Commercials a subsidiary of Mukesh Ambanis 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. Largest stakeholders in Asian Paints While RILs major block deal has altered the overall shareholding pattern in Asian Paints the Life Insurance Corporation of India (LIC) remains the companys 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 RILs block deal remain undisclosed as of yet. Meanwhile the shares of Reliance Industries closed at Rs 1439.60 apiece on the BSE while Asian Paints ended the day at Rs 2218.05.