Whirlpool of India shares fall 3% as holding company offloads 24% stake

Proceeds expected to be used for debt repayment are incremental to the USD 500 million term loan repayment that the holding company previously disclosed it expects to pay in the fourth quarter of 2023.

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Share price of Whirlpool of India ltd declined 3 percent in early trade on December 1 after its holding company sold up to 24 percent stake in the company. At 09:28 hrs Whirlpool of India. was quoting at Rs 1,520.00, down Rs 48.45, or 3.09 percent on the BSE.

On November 30, 2023, Whirlpool Corporation announced its intention to enter into one or more transactions to sell up to 24 percent of its ownership interest in Whirlpool of India Limited in 2024.

The holding company currently maintains a 75 percent ownership interest in Whirlpool India through a wholly-owned subsidiary, and intends to retain a majority interest in Whirlpool India following completion of such transaction or transactions, company said.

The holding company expects to use transaction proceeds to reduce debt levels, which will enhance balance sheet flexibility.

Proceeds expected to be used for debt repayment are incremental to the USD 500 million term loan repayment that the holding company previously disclosed it expects to pay in the fourth quarter of 2023.

The holding company does not anticipate this announcement to impact previously issued full-year guidance.

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Whirlpool of India has reported 5.6 percent fall in its Q2 consolidated total revenue at Rs 1521.6 crore, while profit declined 22 percent at Rs 38.2 crore.