Foreign promoter likely to sell 24% stake in Whirlpool of India via block deals: Report
Whirlpool of India's foreign promoter, Whirlpool Corporation, is looking to sell up to 24% stake in the company through block deals in a transaction worth around $450 million, according to news reports.
The floor price for the sale has been set at Rs 1,230 a share, which is at a discount of nearly 8% to the current market price of the stock. On Monday, Whirlpool shares closed nearly flat on the BSE at Rs 1,332.
According to reports, the base size of the deal could be 15% with a greenshoe option to sell 9% more if the demand looks strong, reports said.
Goldman Sachs is advising the American promoter on the stake sale.
As of December end, Whirlpool Corporation, through subsidiary Whirlpool Mauritius, held 75% stake in the consumer durable goods manufacturer.
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