Updated 12:24 IST, January 30th 2025
Whirlpool To Reduce Stake In India This Year? Here's What The Appliances Giant Said
Despite the reduction, Whirlpool Corp stated it expects to remain the largest shareholder in Whirlpool India after the stake sale.
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Whirlpool Corporation plans to lower its stake in Whirlpool of India to about 20 per cent through a market sale by mid-to-late 2025, the company announced on Thursday.
Despite the sell-down, Whirlpool Corp emphasized that Whirlpool India will remain an important part of its portfolio. The move aims to give Whirlpool India greater autonomy to adapt to changing industry conditions and focus on accelerated growth.
"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. We intend the anticipated sell-down to result in autonomy for Whirlpool India to adjust to the ever-evolving industry conditions, enabling Whirlpool India to focus on accelerated growth and utilise its well-funded business to invest further in the business," Whirlpool Corp's statement said.
Stock Market Reaction
Whirlpool of India’s shares opened 20 per cent lower following the announcement. The company’s stock had risen 34.6 per cent in 2024, reversing a three-year decline.
"In 2025, our clear capital allocation priorities along with the anticipated India transaction will maximize shareholder value and further strengthen our balance sheet," Whirlpool Corp said.
Whirlpool India: Financial Timeline
Whirlpool Corp expects $550 million to $600 million in net cash proceeds from the transaction. The deal is projected to close by mid-to-late 2025. The parent company currently holds a 51 per cent stake, which will drop below 26 per cent, making it a minority shareholder.
On February 20, 2024, Whirlpool Corp sold a 24.7 per cent stake in Whirlpool India for Rs 4,039 crore at an average price of Rs 1,280 per share. Following the latest announcement, Whirlpool India's stock hit a 20 per cent lower circuit and is now trading below that level.
Whirlpool: Largest Shareholder
Despite the reduction, Whirlpool Corp stated it expects to remain the largest shareholder in Whirlpool India after the stake sale.
"Whirlpool Corporation expects to remain the largest shareholder following completion of the anticipated sell-down," the statement read.
Published 11:46 IST, January 30th 2025