Whirlpool is joining the exodus of major investors from India, selling a 24% stake in its Indian unit for up to $451 million to reduce debt. This move comes amidst a booming Indian stock market, where high valuations and investor confidence in the growing economy are attracting significant capital.

The company plans to sell the shares at a 7.6% discount compared to Monday's closing price, aiming to complete the deal by Wednesday. This follows a trend set by major investors like Blackstone, Alipay, and SoftBank, who have raised billions through similar stake sales in Indian companies.

With profits falling for six consecutive quarters due to rising competition and price pressures, Whirlpool views this sale as a strategic move to improve its financial health. The minimum offering includes 19 million shares, valued at $282 million, with the option to sell an additional 11.4 million shares for $169 million.

This deal highlights the bullish sentiment surrounding the Indian stock market and investor confidence in the country's economic potential, despite upcoming elections. Whirlpool's decision reflects both the current market conditions and the company's need to adjust its strategy for the Indian market.