India's Sheela Foam surges 15% on deal to buy Kurlon

Sheela Foam

18/07/2023 05:05

** Shares of Sheela Foam  SHEF.NS  up as much as 15.4% at
1,369.95 rupees, touching their highest since Dec. 21, 2022
    ** Stock posts biggest intraday pct gain since June 12, on
track for a third consecutive session of gains, if trends hold
    ** The mattress maker said it will buy a nearly 95% stake in
rival Kurlon for 21.5 billion rupees ($262.27 million) in a cash
deal and the acquisition will be completed by Nov. 30 
    ** The company will also acquire about 35% in furniture
rental company Furlenco for 3 billion rupees ($36.60 million)
    ** More than 626,000 shares change hands by 9:31 a.m. IST,
3.6x the 30-day avg - Refinitiv Data


($1 = 81.9760 Indian rupees)

 (Reporting by Navamya Ganesh Acharya in Bengaluru)
 ((Navamya.GaneshAcharya@thomsonreuters.com; +91 8805175330 ;))