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Whirlpool sells 24% stake in India unit for $468 million

Reuters
Updated ·1-min read
FILE PHOTO: An employee stands next to a Whirlpool washing machine inside a home appliances showroom in New Delhi

(Reuters) -Whirlpool said on Tuesday it has executed a sale of 24% of its stake in its India unit for about $468 million.

Whirlpool conducted the sale through its subsidiary in Mauritius, reducing its stake in the entity from 75% to 51%.

SBI Mutual Fund, Societe Generale and Nippon India Mutual Fund were among the six buyers who picked up a stake in Whirlpool of India at 1,277 rupees apiece, according to bulk deal data from the BSE.

Whirlpool expects the settlement of the share sale to occur on Wednesday and plans to use the proceeds to reduce its debt.

The sale was first reported by Reuters on Monday. Goldman Sachs is advising the company on the deal, the report said citing a term sheet.

(Reporting by Shivansh Tiwary and Kashish Tandon in Bengaluru; Editing by Shilpi Majumdar)