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Whirlpool promoter may sell up to 24% stake worth $451 million

20 Feb 2024 , 11:27 AM

Whirpool Mauritius Ltd, a promoter company of Whirpool of India, intends to sell up to 24% of the local subsidiary in a block transaction for $451 million, according to numerous industry officials familiar with the arrangements.

The promoter group, which presently controls 75% of the home appliance producer, has previously stated that it would lower its position in the firm to reduce debt levels.

The deal's base size is $282 million, or 15% of outstanding share capital, and the upsize option is up to $169 million, or 9% of outstanding share capital,' according to one of the sources listed above.

Parent Whirpool Corp stated in a regulatory filing in November that it plans to retain a controlling interest in Whirpool of India once the proposed share sale is completed.

The business aims to use deal proceeds to lower debt levels, increasing balance sheet flexibility. The proceeds planned to be used for debt repayment are in addition to the $500 million term loan repayment that the firm previously announced it plans to pay in the fourth quarter of 2023,' the report noted.

The statement further emphasized that the company views India as a crucial market for its growth and development. It remains dedicated to expanding its operations through the introduction of new products and the recent acquisition of Elica India. The company does not expect this announcement to affect the previously disclosed full-year projections.

At around 11.23 AM, Whirlpool was trading 2.43% lower at ₹1,298.90 per piece, against the previous close of ₹1,331.20 on NSE. The counter touched an intraday high and low of ₹1,324 and ₹1,268, respectively.

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Related Tags

  • Whirlpool
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  • Whirlpool of India
  • Whirlpool Promoter
  • Whirlpool Share Price
  • Whirlpool Stake
  • Whirlpool Stake Sale
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