Sheela Foam, the owner of popular mattress brands Sleepwell and Kurlon, announced on October 8 that it has acquired a 10.5% stake in House of Kieraya Ltd, the parent company of furniture rental brand Furlenco, for Rs 107 crore. This news drove the company’s stock up by 3.16%, trading at Rs 900.15 on the NSE at 14:56 pm.
It is a related party transaction as some Directors of Sheela Foam are common directors in House of Kieraya. However, the company said the deal was at an arm’s length and no regulatory approvals were required. The transaction will be completed by October 14, 2024.
Furlenco was established in 2012 and is one of the prominent operators in the online furniture rentals space, with a strong presence in key cities of India such as Mumbai, Delhi NCR, and Bengaluru.
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Source: Moneycontrol
News Desk
