Sheela Foam, the parent company of Sleepwell Mattress, on Tuesday announced that its board has approved the acquisition of 10.50 per cent in House of Kieraya (HoK) which owns furniture rental company Furlenco. “We would like to inform you that the company in its Board meeting held on 08th October 2024 has approved the subsequent investment in House of Kieraya Limited,” it said in a regulatory filing.
The company will acquire 10.50 per cent in Furlenco for Rs 107 crore and the transaction will be completed by October 14, 2024. Sheela Foam will subscribe upto 50,45,540 equity. share in the right issue offered by target company and exercising partly paid up subscribed 56,00,995 warrant and purchase upto 3,50,000 shares from the existing shareholders aggregating consideration upto Rs 107 crores, it said.
Furlenco is a furniture company with a strong online presence. It operated in cities including Bengaluru, Mumbai and Delhi-NCR.
In 2023, Sheela Foam Ltd had acquired a 35 per cent stake in Furlenco owner House of Kieraya, for a cash consideration of around Rs 300 crore.
From: financialexpress
Financial News