Whirlpool sells 24% stake in India unit for $468 million (updated)

Whirlpool of India

20/02/2024 11:54

(Adds details in paragraphs 2, 3)
       Feb 20 (Reuters) - Whirlpool  WHR.N  said on Tuesday it
has executed a sale of 24% of its stake in its India unit for
about $468 million.
    Whirlpool conducted the sale through its subsidiary in
Mauritius, reducing its stake in the entity from 75% to 51%.
    The company expects the settlement of the share sale to
occur on Wednesday and plans to use the proceeds to reduce its
debt.
    The sale was first reported by Reuters on Monday. Goldman
Sachs is advising the company on the deal, the report said
citing a term sheet.
    
    

 (Reporting by Shivansh Tiwary in Bengaluru; Editing by Shilpi
Majumdar)
 ((Shivansh.Tiwary@thomsonreuters.com; +91 9708363192;))