MUMBAI – Whirlpool of India’s foreign promoter, Whirlpool Corporation, is looking to sell up to 24% stake in the company through block deals in a transaction worth around $450 million, according to news reports. The floor price for the sale has been set at Rs 1,230 a share, which is at a discount of nearly 8% to the current market price of the stock. On Monday, Whirlpool shares closed nearly flat on the BSE at Rs 1,332. According to reports, the base size of the deal could be 15% with a greenshoe option to sell 9% more if the demand looks strong, reports said. Goldman Sachs is advising the American promoter on the stake sale. As of December end, Whirlpool Corporation, through subsidiary Whirlpool Mauritius, held 75% stake in the consumer durable goods manufacturer.In January, Whirlpool Corporation said that it intends to sell up to 24% stake in the Indian unit, while retaining majority interest. The share sale is part of the American multinational’s plan to deleverage its balance sheet. “Commitment is on improving debt leverage through strong free cash flow and India share sale,” it said last month. Whirlpool Corporation expects to reduce the debt by over $1 billion in 2024 versus 2022. Whirlpool shares have been a major underperformer in the last three months, giving negative returns of over 16%. In the last one year, the stock has given a moderate 3.5% returns.(You can now subscribe to our ETMarkets WhatsApp channel)