One of the world’s richest man Mukesh Ambani has finally cashed out of his Asian Paints investment selling Rs 500 crore stake into Rs 9080 crore profit. With this move he made a return of 2200 percent in 17 years. The Reliance Industries on Monday informed that Asian Paint’s remaining 87 lakh equity shares with an average price of Rs 2207.65 per share were sold for a876 crore to ICICI Prudential Life Mutual Fund in a block deal. The development came after last weeks selling of 3.50 crore shares to SBI Mutual Fund for Rs 7704 crore at Rs 2201 per share. RIL as sold out its entire 4.9 percent stake which it held through subsidiary Siddhant Commercials. The selling by RIL of Asian Paints’ stake took place when the paint company faces its toughest competitive challenge in decades. The shares of Asian Paints were down more than 30 percent in past 2 years. It was the worst performing bluechip stock in the past two years.
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