Whirlpool of India Ltd's share price soared by nearly 11% on Tuesday, hitting a three-month high. This rise follows a series of gains over the past few sessions, spurred by an Economic Times report indicating that private equity firms are showing interest in acquiring a stake in the company.
Private equity funds including Advent International, Bain Capital, TPG, EQT, Carlyle, and KKR are among those approached to invest in Whirlpool's listed Indian unit, according to the ET report. Whirlpool Corp. plans to sell a 31% stake in Whirlpool of India Ltd, which contributes 85% of the company's Asia revenue, while retaining a 20% interest.
The company aims to raise between $550 and $600 million through this transaction, which was launched earlier this month with Goldman Sachs as advisor. The deal may involve multiple funds jointly acquiring the stake, with Whirlpool Corp. expressing interest in remaining the largest shareholder.
The scrip rose as much as 10.85% to Rs 1,330 apiece. It pared gains to trade 8.35% higher at Rs 1,300 apiece, as of 12:07 a.m. This compares to a flat NSE Nifty 50 Index.
It has declined 12% in the last 12 months. Total traded volume so far in the day stood at 14 times its 30-day average. The relative strength index was at 74.
Out of 13 analysts tracking the company, eight maintain a 'buy' rating, four recommend a 'hold', and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 11.3%.
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