This stake sale, comprising approximately 95 lakh shares, is likely to be executed through a block deal, according to a CNBC Awaaz report.
As per the details available, the floor price for the deal has been fixed at Rs 1,030 per share, which is a 14% discount from Whirlpool of India’s closing price of Rs 1,201.40 on the NSE.
Whirlpool Mauritius currently holds a 51% stake, representing 6.47 crore equity shares, in Whirlpool of India as of the September-ended quarter. A stake sale of 7.5% would reduce its holding significantly and marks a notable transaction for the Indian listed entity.
Whirlpool of India is a prominent manufacturer and marketer of major home appliances, including refrigerators, washing machines, and air conditioners. Headquartered in Gurugram, the company traces its roots back to Kelvinator of India, established in 1960, and became Whirlpool of India in 1994 after a strategic alliance with the global Whirlpool Corporation.
From a stock performance perspective, Whirlpool of India has lagged the broader market over the past year. The company’s shares have declined by 33%, underperforming the sector’s 14% gain, as well as broader indices — with the Nifty up 8% and the BSE Sensex up 7% during the same period.The stock is currently trading below both its 50-day and 200-day simple moving averages, based on data from Trendlyne.In terms of financial performance, the company reported lacklustre earnings for the September-ended quarter. Consolidated net profit declined 21% year-on-year to Rs 41 crore, compared to Rs 52 crore in the corresponding period last year. Revenue for the quarter stood at Rs 1,697 crore, down 4% from Rs 1,762.3 crore recorded in Q2FY25.
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