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Whirlpool promoter entity plans to sell up to 24% stake worth $451 million
Money Control
·
1y ago
Medial
Whirpool Mauritius Ltd, a promoter entity of Whirpool of India, plans to sell up to 24 percent of the local unit via a block deal for $451 million. The promoter group, currently owning
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Whirlpool Mauritius sells Rs 3,880 crore worth stake in Whirpool of India
Money Control
·
1y ago
Medial
Whirlpool Mauritius, the promoter of Whirlpool of India, has sold a 24% stake in the company, worth around Rs 3,880 crore. The sale has reduced the promoter's ownership from 75% to 51% and will generate gross sale proceeds of approximately $468 million. The funds from the transaction will be used to settle the company's debt. Whirlpool of India's stock declined by 3.24% following the news.
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Whirlpool to sell 24% stake in India business to reduce debt
Reuters
·
1y ago
Medial
Whirlpool plans to sell up to 24% of its stake in Whirlpool of India to alleviate debt, following the Indian unit's 23.7% drop in Q2 profit due to competition and pricing pressures. The sale won't impact Whirlpool's full-year forecast. Despite challenges, Whirlpool sees India as a vital growth market, committing to expansion through new product launches and the recently acquired Elica India business. The company will maintain a majority interest post-sale.
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Whirlpool Mauritius sells Rs 3,880 crore worth stake in Whirpool of India
Money Control
·
1y ago
Medial
Whirlpool Mauritius, the promoter of Whirlpool of India, has sold a 24% equity stake in the company for approximately Rs 3,880 crore ($468 million). The sale reduced the promoter's ownership from 75% to 51% and will be used to settle the company's debt. Whirlpool of India's parent company, Whirlpool Corporation, aims to retain a majority interest in the company following the stake sale. The shares were sold at an average price of Rs 1277.02, with buyers including Aditya Birla Sunlife Mutual Fund and ICICI Prudential Mutual Fund. Whirlpool of India's stock price declined by 3.24% on the news.
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Whirlpool intends to reduce stake in India unit to about 20% in 2025
VCCircle
·
6m ago
Medial
Whirlpool Corp plans to reduce its stake in Whirlpool of India from 51% to around 20% by 2025 through market sales, with anticipated net cash proceeds of $550 million to $600 million. This strategic move aligns with their capital allocation priorities to maximize shareholder value and strengthen their balance sheet. Previously, the company sold a 24% stake for approximately $468 million to reduce debt. Whirlpool of India shares increased by 34.6% in 2024.
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True North plans exit move as Niva Bupa prepares for $360-mn IPO
VCCircle
·
1y ago
Medial
Indian health insurer Niva Bupa is preparing to raise $360 million in an initial public offering (IPO), with a potential valuation of up to $2.5 billion. Bupa, which currently holds a 63% stake in the Indian venture, plans to sell a small stake worth up to $38 million, while private equity firm True North intends to sell a stake worth up to $225 million. Niva Bupa has hired Morgan Stanley and several Indian banks for the IPO, and plans to use the funds to strengthen its balance sheet and cover operating expenses.
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Whirlpool shares gain after promoters sell off 24% equity
Money Control
·
1y ago
Medial
Whirlpool's stock gained 1.15% after the promoter sold a 24.7% stake in the company. The shares worth INR 4,039 crore changed hands at a price of INR 1,280 each. The promoter group had previously indicated its plan to reduce debt by selling a stake in Whirlpool of India. In Q3FY24, the company reported a net profit of INR 28 crore, with revenue growing 18% to INR 1,536 crore and EBITDA increasing 43% to INR 63 crore.
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Reliance & Havells enter PE party to snap up Whirlpool
Economic Times
·
1m ago
Medial
Reliance Retail and Havells India are competing with major buyout funds to acquire a controlling stake in Whirlpool of India. Whirlpool Corp seeks to sell a 31% stake, retaining a 20% equity, as part of global restructuring. The sale is expected to generate $550-600 million. If completed, it might trigger an open offer for an additional 26% stake from public shareholders, potentially giving the investor a 57% stake in Whirlpool of India.
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HNIs line up as SoftBank offloads stake worth $310 Mn In IPO-bound FirstCry
Inc42
·
1y ago
Medial
Japanese tech investor SoftBank has reportedly sold a portion of its stake in FirstCry, an IPO-bound ecommerce unicorn, for $310 million. The shares were acquired by several high-net-worth individuals (HNIs), valuing FirstCry at a range of $3.5 billion to $3.75 billion. SoftBank still holds shares worth $800 million to $900 million, which it plans to sell at a later date. SoftBank aims to bring its stake in the company below 26% to avoid being classified as a promoter. FirstCry is preparing to file its draft red herring prospectus (DRHP) by December 29 for an IPO, targeting a valuation of $4 billion.
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WeWork's plan to sell stake in Indian unit collapses: Report
Inshorts
·
10m ago
Medial
Office-sharing firm WeWork's plan to sell a 27% stake in its Indian entity and exit the country has collapsed, the Economic Times reported. The deal, which involved WeWork India promoter Embassy Group acquiring the stake, reportedly fell through because of a valuation mismatch. This comes despite the plan receiving the approval of the Competition Commission of India.
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IndiGo co-founder Rakesh Gangwal to sell 3.3% stake in InterGlobe Aviation
Livemint
·
1y ago
Medial
IndiGo co-founder Rakesh Gangwal is planning to sell 3.3% of his stake in InterGlobe Aviation Ltd through a block deal. The sale, estimated to be worth $450 million, will see Gangwal's stake decrease to 8.42%. It follows similar stake sales by Gangwal in the past. Morgan Stanley, JP Morgan, and Goldman Sachs will manage the sale on behalf of the promoter. IndiGo's stock has risen 67.35% in the past year. This move is part of Gangwal's plan to gradually reduce his stake in the company.
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