Updated February 19th, 2024 at 19:31 IST

Whirlpool set to sell 24% stake for up to Rs 3,700 crore

Whirlpool is planning to sell stake at Rs 1,230 per share, marking a discount of 7.6 per cent of Rs 100 to Monday's closing price of Rs 1,330.75.

Reported by: Business Desk
Whirlpool reports weak Q2 earnings, profit falls 24% annually | Image:Pexels
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Whirlpool stake sale: White goods maker Whirlpool is selling 24 per cent stake in its domestic unit this week for up to Rs 3,700 crore via various block deals, according to a term sheet seen by Reuters.

Whirlpool is planning to sell stake at Rs 1,230 per share, marking a discount of 7.6 per cent of Rs 100 to Monday's closing price of Rs 1,330.75. The company aims to complete the deal by Wednesday.

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Global investment bank Goldman Sachs is advising Whirlpool on the deal, the term sheet showed. Goldman and Whirlpool did not immediately respond to requests for comment from Reuters.

Whirlpool said in a US filing in November last year that it planned sell the stake in a bid to reduce debt.

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The company's net profit fell for a fifth straight quarter in the three months to end-September as it faced rising competition and price pressures.

It will sell a minimum of 1.9 crore shares in Whirlpool of India, worth Rs 2,340 crore at the proposed sale price, with the option to offer an additional 1.14 crore shares, which would be worth an additional Rs 1,400 crore.

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(With Reuters inputs)
 

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Published February 19th, 2024 at 19:23 IST