The investment firm sold 7,05,389 shares, representing 1.5% stake in the paint maker, at Rs 1,475.32 a share, according to bulk deals data on the National Stock Exchange.
The selling price was at a discount of 2% to the previous closing price of the stock.
As of December-end, Smallcap World Fund held 1.97% stake in the specialty chemicals maker, but this was lower than the 2.55% stake that it held at the end of the September quarter.
Post the latest sale, the shareholding of the American investment firm has come down further.
The selling drove volumes in the counter, as more than 840,000 shares of the company changed hands on the exchange, which was over 10 times its six-month daily average volume of 82,974 shares.
Shares of the company ended 0.3% down on the NSE at Rs 1,500.80. Over the last one year, the stock has gained 18%, outperforming sector bellwether Asian Paints, which has lost 3% in the same period. Through a separate deal, Morgan Stanley bought 2,75,000 shares of Indigo Paints for around Rs 41 crore.
Besides Smallcap World Fund, Abu Dhabi Investment Authority is an FPI investor in the company with a 1.40% stake.
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