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regular-article-logo Sunday, 21 April 2024

Whirlpool promoter pares stake for nearly Rs 3,881 crore in bid to raise funds, reduce debt

Bulk deal data from the BSE showed the promoter selling 30,389,239 shares at Rs 1,277.02 per share

Our Special Correspondent Mumbai Published 21.02.24, 11:27 AM
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Almost 24 per cent equity of Whirlpool of India were transacted on the BSE on Tuesday after promoter Whirlpool Mauritius offloaded a part of its holding in the home appliance maker.

Bulk deal data from the BSE showed the promoter selling 30,389,239 shares at
Rs 1,277.02 per share for nearly Rs 3,881 crore.

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Of this Societe Generale ODI (offshore derivative instrument) picked up 865,000 shares at nearly the same price. The identities of other buyers were not disclosed. When a bulk deal is marked as ODI it indicates that the purchase is on behalf of entities that do not hold FPI licences in India.

During the quarter ended December 31, the parent held 75 per cent of Whirlpool of India.

Shares of the company on Tuesday ended at Rs 1,287.70 on the BSE, marking a decline of 3.24 per cent, or Rs 43.05, over the last close.

On November 30, Whirlpool Corporation had informed in a regulatory filing that it was planning to sell up to a 24 per cent stake in Whirlpool in 2024 to raise funds and reduce its debt. Whirlpool of India operates three manufacturing facilities at Faridabad, Pondicherry and Pune.

For the quarter ended December 31, the company posted a net profit of Rs 14.68 crore compared with Rs 10.74 crore in the corresponding previous period. During the period, revenues grew to Rs 1,397.79 crore against Rs 1,172.37 crore in the year-ago quarter. In 2022-23, Whirlpool of India’s total revenue stood at Rs 6,210.25 crore and net profits at almost Rs 185 crore.

The company said after the results that there was a sequential improvement in growth with momentum across key categories.

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