Whirlpool India promoter entity sells 11.23 stake for Rs 1,489 cr

New Delhi, Nov 27 (PTI) Whirlpool Mauritius, a promoter entity of Whirlpool of India Ltd, on Thursday divested a 11.23 per cent stake in the home appliances maker for Rs 1,489 crore through an open market

transaction.

The development came after American home appliances major Whirlpool Corporation in January this year announced plans to trim its stake in its Indian arm, Whirlpool of India Ltd, to approximately 20 per cent by mid to late 2025.

According to the bulk deal data available with the BSE, Whirlpool Mauritius Ltd offloaded more than 1.42 crore shares, representing an 11.23 per cent stake in Whirlpool’s Indian arm.

The shares were disposed of at an average price of Rs 1,044.97 apiece, taking the deal value to Rs 1,489.60 crore.

After the latest transaction, Whirlpool Mauritius’ holding in its Indian arm has dropped to 39.77 per cent from 51 per cent.

Meanwhile, HDFC Mutual Fund (MF), Kotak Mahindra MF, Franklin Templeton MF, ICICI Prudential Life Insurance Company, Paris-based Societe General and hedge fund East Bridge Capital purchased a total of 55.90 lakh shares or 4.41 per cent stake in Whirlpool of India Ltd, as per the data on the exchange.

The shares were acquired at an average price of Rs 1,041 apiece, taking the combined transaction value to Rs 581.99 crore.

Details of other buyers of Whirlpool of India’s shares could not be ascertained on the exchange.

Shares of Whirlpool of India tumbled by 11.32 per cent to close at Rs 1,063.85 apiece on the BSE.

In a regulatory filing in January this year, American home appliances major Whirlpool Corporation said it plans to trim its stake in its Indian arm, Whirlpool of India Ltd, to approximately 20 per cent by mid to late 2025.

Earlier in February 2024, Whirlpool Corporation had offloaded 24 per cent of its stake in Whirlpool of India Ltd in a block deal, raising approximately USD 468 million.

“As part of its fourth quarter earnings release, Whirlpool Corporation announced its intention to sell down its ownership interest in Whirlpool of India Ltd (Whirlpool India) to approximately 20 per cent by mid to late 2025, by way of one or more market sales (anticipated sell-down),” Whirlpool Corporation Executive Vice President, Chief Financial and Administrative Officer, and President, Whirlpool Asia, James Peters said.

“Whirlpool India will remain a relevant part of Whirlpool Corporation’s portfolio, and we continue to believe Whirlpool India has a strong long-term trajectory for growth,” Peters said.

Whirlpool of India is one of the leading home appliances firms, and operates three manufacturing facilities at Faridabad, Puducherry and Pune. PTI HG MR