Following the promoters' sale of a 24% stake, Whirlpool shares climb

Following the promoters' sale of a 24% stake, Whirlpool shares climb

As part of its debt reduction strategy, the promoter group announced in November 2023 that it will sell a 24% interest in Whirlpool of India.

Whirlpool had a net profit of Rs 28 crore in Q3FY24, up from Rs 25 crore in the prior fiscal year.

On February 21, one day after the promoter sold 24.7% of the company's ownership, Whirlpool saw a 1.5% increase in value. On February 20, the stock ended at Rs 109.40, up around 1.5%. During market hours, there were reports about the equity sale. The share was trading at Rs 109.40 at 9:30 am.

Exchange data indicates that about 3.2 crore shares, valued at Rs 4,039 crore, or 24.9% of Whirlpool of India's shares, were traded at a price of Rs 1,280 per share. The purchasers of these shares were not individually identifiable to Moneycontrol.

As part of its debt reduction strategy, the promoter group announced in November 2023 that it will sell a 24% interest in Whirlpool of India. In the past, promoters had a 75% share in the business. He said in a statement that it intended to "repay a $500 million term loan, something the company previously indicated that it expects to pay in the fourth quarter of 2023" using the money from the share sale.

Whirlpool recorded a net profit of Rs 28 crore in Q3FY24, up from Rs 25 crore in the same quarter last year. Revenue increased by 18% to Rs 1,536 crore, while EBITDA increased by 43% to Rs 63 crore.