Whirlpool to sell 24% stake in India unit for up to $451 million

Appliance maker Whirlpool is selling a 24% stake in its Indian unit this week for up to $451 million via block deals, according to a term sheet seen by Reuters, amid record share offerings on the country’s stock market.

Whirlpool plans to sell the stake at a price of 1230 rupees per share, a 7.6% discount to Monday’s closing price. It aims to complete the deal by Wednesday.

Goldman Sachs is advising Whirlpool on the deal, the term sheet showed. Goldman and Whirlpool did not immediately respond to requests for comment.

Whirlpool said in a U.S filing in November that it planned sell the stake in a bid to reduce debt.

The company’s profit fell for a sixth straight quarter in the three months to end-December as it faced rising competition and price pressures.

It will sell a minimum of 19 million shares in the Indian unit, worth $282 million at the proposed sale price, with the option to offer an extra 11.4 million, which would be worth an additional $169 million.

India’s benchmark stock indices are near record highs, lifted by an economic growth rate higher than many other large countries and the expectation of political continuity in an election later this year.

Investors including Blackstone, Alipay and SoftBank have raised a combined billions of dollars through selling stakes in Indian portfolio companies in the past year or so, giving other investors more confidence about offloading large amounts of shares.