Whirlpool Mauritius, Promoter of Whirlpool of India, sold 24 percent equity stake worth Rs 3,880 crore in the company on February 20, according to an exchange filing.
Whirlpool of India shared the parent company, Whirlpool Corporation’s enclosed communication to the exchanges. Whirlpool Corporation informed that it “executed the sale of 30.4 million equity shares of Whirlpool India via an on-market trade.”
The sale has reduced the promoter’s ownership from 75 percent to 51 percent and will generate gross sale proceeds of around $468 million. The company said it will use the transaction proceeds to settle its debt.
On November 30, 2023, Whirlpool Corp said it would sell up to 24 percent of its ownership interest in Whirlpool of India to reduce debt levels. Whirlpool Corp said that the parent intends to retain a majority interest in Whirlpool of India following the completion of the planned stake sale.
According to bulk deals data given by BSE, Whirlpool Mauritius has sold 3,03,89,239 shares at an average price of Rs 1277.02, valuing the stake sale at Rs 3,880.76 crore.
Aditya Birla Sunlife Mutual Fund, DSP Mutual Fund, ICICI Prudential Mutual Fund, Nippon India Mutual Fund, SBI Mutual Fund, Societe Generale ODI were the buyers in the stock.
Whirlpool of India stock fell 3.24 percent to Rs 1,287.7 on the BSE. Shares of the company has declined by 19.21 percent in the last 6 months.
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