Whirlpool set to sell 24% stake in Indian unit for up to $451 mln

Whirlpool of India

19/02/2024 13:42

(Adds details, context in paragraphs  4-7)
    By M. Sriram
       MUMBAI, Feb 19 (Reuters) - Appliance maker Whirlpool
 WHR.N  is selling a 24% stake in its Indian unit  WHIR.NS  this
week for up to $451 million via block  deals, according to a
term sheet seen by Reuters.
    Whirlpool plans to sell the stake at a price of 1230 rupees
per share, a 7.6% discount to Monday's closing price. It aims to
complete the deal by Wednesday.
    Goldman Sachs is advising Whirlpool on the deal, the term
sheet showed. Goldman and Whirlpool did not immediately respond
to requests for comment.
    Whirlpool said in a U.S filing in November that it planned
sell the stake in a bid to reduce debt. 
    The company's 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 19 million shares in the Indian
unit, worth $282 million at the proposed sale price, with the
option to offer an extra 11.4 million, which would be worth an
additional $169 million.
    India's benchmark stock indices are near record highs,
lifted by an economic growth rate higher than many other large
countries and the expectation of political continuity in an
election later this year.  
    
 


 (Reporting by M. Sriram; editing by Jason Neely, Kirsten
Donovan)
 ((Sriram.Mani@thomsonreuters.com;; Reuters Messaging: Twitter:
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