Sheela Foam launches QIP issue, floor price at Rs 1,133.99 per share; stock reacts positively

Sheela Foam stock has lost 23.59 percent of its value over the last one year.

Shares of Sheela Foam jumped nearly 2 percent in trade on September 21 as the company launched its proposed QIP to fund its acquisition of Kurlon.

At 9:24 am the Sheela Foam stock was trading 1.12 percent higher at Rs 1201 on NSE.

Sheela Foam, The PU foam maker, opened its qualified institutional placement, or QIP, on September 20. The floor price for the QIP issue is Rs 1,133.99 per share according to the BSE filing.

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"As per the company’s prevention of insider trading code of conduct to regulate, monitor and report trading by Designated Persons (“Code”), the trading window for dealing in the securities of the Company shall be closed from 21st September 2023 till 48 hours after determination of issue price for all ‘Designated Persons’ as defined in the code," the notification further stated.

Promoters hold the majority 72.95 percent stake in the company. DIIs and FIIs hold 21.95 percent and 3.21 percent stake in the company respectively. The remaining 1.89 percent stake is held by the Public.

Sheela Foam stock has delivered a return of 7.14 percent over the last six months. In comparison, the benchmark Nifty50 index has surged by 16.33 percent over the same duration.