Whirlpool Promoter Plans To Sell 24% Stake Via Block Deal For Up To Rs 3,690 Crore
Whirlpool Corp. plans to sell up to 24% stake in its Indian unit via block deal to reduce debt.
Promoter Whirlpool Mauritius will be selling the stake at a floor price of Rs 1,230 per share, according to the term sheet reviewed by NDTV Profit. The floor price indicates a discount of 7.6% to the stock's Monday closing price.
At the floor price, the total deal size will be worth Rs 3,690 crore.
Goldman Sachs would be the sole bookrunner for secondary market sale, which is expected between Feb. 19 and Feb. 21.
The promoter will offload up to 3 crore shares, including 1.9 crore shares with an upsize option of 1.14 crore shares, it said.
In response to queries, the home appliances maker said the parent firm's divestment is part of the plans announced in November last year and the company will notify exchanges when such transaction is executed.
Shares of Whirlpool of India closed 0.09% higher at Rs 1330.75 apiece, compared to a 0.39% rise in the benchmark BSE Sensex.
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