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Whirlpool Corporation Stock Gained on Selling a 24% Stake in India’s Unit

Whirlpool Corporation’s stake in the India unit was reduced from 75% to 51%.

Whirlpool Corporation’s stock gained approximately 2% on NewYork Stock Exchange (NYSE), as one of its subsidiaries – Whirlpool Mauritius, sold a 24% stake in the India unit for Rs 3,881 crores on 20 February, according to an exchange notification.

According to BSE bulk deal data, SBI Mutual Fund, Societe Generale and Nippon India Mutual Fund, DSP Mutual Fund, Aditya Birla Sunlife and ICICI Prudential Mutual Fund were six buyers who picked up a stake in Whirlpool India at Rs 1,277 a piece.

After the sales transaction, Whirlpool Corporation’s stake in the India unit was reduced from 75% to 51%. Meanwhile, the parent company plans to use sales proceeds to reduce debt. It said that it expected a $500 million debt reduction in 2024 through free cash flows and India stake sale.

Following the stake sale, the company said it continues to see India as a significant marketplace for growth and an integral part of its growth strategy. Whirlpool Corporation remains committed to expanding the business with new product launches and the recently acquired Elica India business.

At 9:34 pm on 20 February 2024 (IST), the shares of Whirlpool corporation were trading at USD 109.40, 1.15% higher than their previous close on NYSE. Further, Whirlpool of India Limited shares gained yesterday but today fell, 2.46% lower than its previous close, and it closed at Rs 1,255 on the National Stock Exchange (NSE).

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