Whirlpool Corporation sells 24% stake in Indian unit for $468 million via open market
Whirlpool Corporation on Tuesday sold 30.4 million shares, constituting a 24% stake in its Indian unit Whirlpool of India through the open market for $468 million.
Following the sale, the parent firm’s holding has come down to 51% from 75%.
The American consumer durables maker expects to use the proceeds from the stake sale to reduce debt.
“The company continues to see India as a significant marketplace for growth and an integral part of the company’s growth strategy,” Whirlpool Corporation said in a statement.
On November 30, Whirlpool Corporation announced its intention to sell up to 24% in the Indian unit, while retaining majority interest.
“The company remains committed to expanding the business with new product launches and the recently acquired Elica India business,” Whirlpool Corp said.
Whirlpool Corporation expects to reduce its debt by over $1 billion in 2024 versus 2022.
On Tuesday, shares of Whirlpool ended 4% down at Rs 1,282.35 on the National Stock Exchange.
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