Comments
Whirlpool Mauritius will be selling up to over 3 crore shares of its subsidiary Whirlpool of India in a secondary offering via a block deal worth $451 million, sources said.
The floor price of the deal is fixed at ₹1,230 a share, which is at a 7.6 per cent discount to the stock’s closing price of ₹1,331.20 on the NSE on Monday.
The book, which will open on and close on Tuesday, is an accelerated bookbuilding offer. On offer is up to 24 per cent of the company’s share capital. The base size of the issue is 1.9 crore shares or 15 per cent of the outstanding capital, which can be upsized by 1.14 crore shares or 9 per cent of the capital. Whirlpool Mauritius held 75 per cent stake in the Indian unit as on December-end.
The shares will be sold in the United States to qualified institutional buyers, according to the term sheet seen by businessline.
If the upsize option is not fully exercised there is a lock-in of 90 days on the seller for the residual stake, otherwise there is a 12-month lock-in. Goldman Sachs is the sole book running manager for the issue.
Comments
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.