Whirlpool shares gain after promoters sell off 24% equity

In November 2023, the promoter group had indicated that it would be offloading 24 percent stake in the Whirlpool of India as a part of its plan to reduce debt.

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Whirlpool gained 1.15 percent at open on February 21, a day after the promoter offloaded 24.7 percent equity in the home appliances manufacturer. The stock closed at Rs 109.40, around 1.15 percent higher, on February 20. The news of the equity sale was reported during market hours. At 9:30 am, the stock was trading at Rs 109.40.

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According to exchange information, around 3.2 crore shares or 24.9 percent in  equity worth  Rs 4,039 crore  in Whirlpool of India changed hands at a price of Rs 1,280 each. Moneycontrol couldn’t individually identify the buyer of these shares.

In November 2023, the promoter group had indicated that it would offload 24 percent stake in the Whirlpool of India as a part of its plan to reduce debt. The promoters previously owned 75 percent stake in the company. In a disclosure they had said that they planned to use the proceeds of the stake sale for  “the $500-million term loan repayment that the company previously disclosed it expects to pay in the fourth quarter of 2023”.

Also read: Whirlpool promoter entity plans to sell up to 24% stake worth $451 million

In Q3FY24, Whirlpool reported a net profit of Rs 28 crore as against Rs 25 crore a year back, while revenue for the same period grew 18 percent to Rs 1,536 crore and EBITDA was up 43 percent to Rs 63 crore.

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