Last Updated: December 01, 2023, 11:42 IST
Whirlpool shares (Photo: News18)
Whirlpool of India ltd. shares declined 3 per cent in early commerce on December 1 after its holding firm bought as much as 24 per cent stake
Whirlpool of India ltd. shares declined 3 per cent in early commerce on December 1 after its holding firm bought as much as 24 per cent stake within the firm. This comes after Whirlpool Corporation introduced its intention to enter into a number of transactions to promote as much as 24 per cent of its possession curiosity in Whirlpool of India Limited in 2024.
“The company maintains a 75 per cent ownership interest in Whirlpool India through a wholly-owned subsidiary, and intends to retain a majority interest in Whirlpool India following completion of such transaction or transactions,” it added.
Further, Whirlpool Corporation mentioned it expects to make use of transaction proceeds to cut back debt ranges, which can improve steadiness sheet flexibility.
“Proceeds expected to be used for debt repayment are incremental to the USD 500 million term loan repayment that the company previously disclosed it expects to pay in the fourth quarter of 2023,” it added.
Whirlpool Corporation asserted that it continues to see India as a major market for development and an integral a part of its development technique and it “remains committed to expand the business with new product launches and the recently acquired Elica India business”.
Whirlpool of India is a listed entity with 25 per cent public shareholding.
Whirlpool of India has reported 5.6 per cent fall in its Q2 consolidated complete income at Rs 1521.6 crore, whereas revenue declined 22 per cent at Rs 38.2 crore.
