Sheela Foam Ltd, an Indian mattress manufacturer, announced on Monday that it would pay Rs 2,150 crore for a 94.66% stake in its rival Kurlon.
In addition, Sheela Foam announced that it will acquire a 35% stake in House of Kieraya, the company that owns Furlenco, a company that rents out furnishings for houses.
Sheela Foam, with headquarters in Ghaziabad, stated in a stock exchange statement that it intends to close the deal by November 30, 2023.
Shares of Sheela Foam, which manufactures mattresses under the “Sleepwell” brand, increased by around 6% to Rs 1,186 after a news website first reported the sale earlier in the day on Monday. Since conversations were originally reported late in December, they have continued to fall by roughly 7%.
Kurlon has over 50 warehouses and 12 manufacturing facilities across five Indian states, according to its latest annual report.
In fiscal 2022, Kurlon’s sales increased 5.4% to Rs 809 crore. Sheela Foam stated that the fiscal 2023 audited numbers were not yet available.
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Also Read: Sheela Foam, Welspun, and 3 PE firms are competing for controlling stake in Kurlon.