Sheela Foam shines on acquiring 94.66% stake of Kurlon Enterprise

Sheela Foam is currently trading at Rs. 1108.00, up by 31.05 points or 2.88% from its previous closing of Rs. 1076.95 on the BSE.

The scrip opened at Rs. 1078.00 and has touched a high and low of Rs. 1130.00 and Rs. 1060.00 respectively. So far 5478 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 1496.95 on 09-Nov-2022 and a 52 week low of Rs. 905.50 on 29-Mar-2023.

Last one week high and low of the scrip stood at Rs. 1175.00 and Rs. 1060.00 respectively. The current market cap of the company is Rs. 11684.96 crore.

The promoters holding in the company stood at 65.48%, while Institutions and Non-Institutions held 31.12% and 3.40% respectively.

Sheela Foam has completed the acquisition of 94.66% of the share capital of Kurlon Enterprise (KEL) for an aggregate consideration of approximately Rs 2035 crore, subject to customary post-closing adjustments, including for net working capital, debt and surplus cash.

Earlier, Sheela Foam had received approval for the acquisition of Kurlon Enterprise. The Board of Directors of the company at their meeting held on July 17, 2023 had approved the same. The acquisition will help the company to consolidate the existing fragmented market of mattresses and foam-based products.

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