Sheela Foam trades lower on dismal Q2 numbers

(Representational Image) Mumbai-based Sheela Foam, which is known for brands like Sleepwell, announced that its board had approved its plans to acquire a 94.66 percent stake in Kurlon Enterprises Limited (KEL) for Rs 2,150 crore and a 35 percent stake in Furlenco for Rs 300 crore.

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Sheela Foam shares lost over 1.4 percent on the NSE at the open on November 3, a day after the polyurethane foam manufacturer announced its September quarter results.

Sheela Foam reported a consolidated profit of Rs 44.3 crore for the July-September quarter, down 17.3 percent from the year-ago period. Revenue declined 10.2 percent to Rs 613.2 crore.

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The polyurethane foams manufacturer, known for bands like Sleepwell, in September closed its qualified institutions placement (QIP) allocating around 1.1 crore equity shares at an issue price of Rs 1,078 a share, which was at a discount of 4.94 percent to the floor price of Rs 1,133.99. The company raised Rs 1,200 crore from the QIP.

Also read: Exclusive: Sheela Foam to now buy Kurlon Enterprise for Rs 2,150 crore

Earlier this year, the Mumbai-based firm, announced that its board had approved its plans to acquire a 94.66 percent stake in Kurlon Enterprises Limited (KEL) for Rs 2,150 crore and a 35 percent stake in Furlenco for Rs 300 crore, subject to customary working capital and other adjustments. The acquisition of Kurlon was completed on October 20, 2023.

At 9.20 am, the stock was trading at Rs 1,084.75 on NSE.

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