India's Sheela Foam jumps on report of lower value for Kurlon deal

Sheela Foam

17/07/2023 09:11

** Shares of mattress maker Sheela Foam Ltd  SHEF.NS  up
nearly 10% at 1,231 rupees
    ** SHEF will now buy Kurlon Enterprise for 21.50 bln rupees
(~$262 mln) in a single transaction, Moneycontrol reports
    ** SHEF was earlier supposed to buy Kurlon in two tranches
for a total cash consideration of 32.50 bln rupees
    ** Trading volume as of 1:15 p.m. IST is 2.2x the 30-day avg
    ** Despite the jump, the stock is still down ~3% since Dec.
28, when media reports of the deal first broke
 
 ($1 = 82.1250 Indian rupees)

 (Reporting by Biplob Kumar Das in Bengaluru)
 ((Biplobkumar.das@thomsonreuters.com))