Billionaire Mukesh Ambani-led Reliance Industries Ltd (RIL) has divested a 3.64% stake in Asian Paints Ltd through a block deal valued at Rs 7,703.50 crore. The transaction, executed on Thursday via RIL’s affiliate Siddhant Commercials Pvt Ltd, saw SBI Mutual Fund emerge as the buyer, significantly raising its holding in the company.According to data available with the National Stock Exchange (NSE), Siddhant Commercials sold 3.50 crore equity shares in Asian Paints at an average price of Rs 2,201 per share. This offloading reduced the RIL arm’s stake in the company from 4.90% to 1.26%.SBI Mutual Fund’s shareholding in Asian Paints rose sharply following the acquisition, moving from 1.51% to 5.15%. The fund house’s large-scale purchase highlights its confidence in the long-term value of India’s largest decorative paints manufacturer.Shares of Asian Paints reacted positively to the development, closing 0.73% higher at Rs 2,225 apiece on the NSE.The transaction comes amid broader moves by Reliance Industries to restructure and monetize select non-core investments, while institutional investors like SBI MF continue to consolidate positions in fundamentally strong businesses.